I don't want to give anyone hope in a case where there could be heartbreak. But:
Point 1: Sakurai did say he wouldn't want too much DLC in his book, yet he also said he wouldn't want to do a season pass. Smash has a season pass, it might have a season 2.
Point 2: When cloud came as DLC, he arrived with only Squaresoft Mii costumes. A Slime hat is easy to do, has been done in games before, and yet it was nowhere to be seen despite being an easy DLC of a well known character. Square-Enix is a complicated company, its rights holders are spread out and so on. this is what made a DQ character likely in my view, as the Enix old guard would want something "on their side", I also wonder if that was the case with Smash 4 DLC, they would even take offense if Cloud was in but all they had was a hat. This very situation also makes Square-Enix the most likely company to double-dip.
The big teller of this whole situation will be what comes with the DQ characters, there is a legitimate chance we might see a reverse case of cloud, and there will be no Squaresoft related outfits. If that is the case, I think the chances of Geno go back to high places. Even if as some sort of "out-of-pass" DLC like Piranha. There is no way Geno wasn't mentioned by Sakurai, not with everything we have seen so far. And if the man somehow got Toriyama, Sugiyama and Square-Enix to play nice for this DLC, its not out of this world he could get a Geno deal. But, again, SE is a big company with many holders, and its clear some sides care more about Nintendo than others...