Heh, nobody understands completely but as a group you have all figured it out.
Justification:
I. This clue could be very confusing, it was my favourite clue. All of the times involved are pointless, the real idea is that the character who weighs a different amount in the NTSC (New York) version and PAL (London) version.
Deus did well to get this clue. It narrows the characters down to: Kirby, Yoshi, Bowser, Marth, Fox, and Mario.
II. This clue isn't entirely necessary therefore I made it very confusing. NessEx pretty much got it though. It's a downwards attack, IE: Kirby, Yoshi, and Bowser's Down B attacks.
III. Incase you didn't get clue II this clue helps you slim down the choices to Kirby, Yoshi, and Bowser. They all fight with their mouths to some extent. I was hoping you would overlook Bowser however. His Koopa Klaw attack isn't the most well known in the game.
IV. The clue cuts the choices down to Yoshi and Bowser. (eliminating Kirby) Yoshi is the closer of the two to being a Dinosaur so it actually points towards Bowser. Neither is strictly Dinosaurian however. The clue was encoded very simply, a 1-A 2-B 3-C code.
V. This clue is super vague, nobody got it. King Kong, the key word is King...as in King of the Koopas. The clue was also supposed to confuse people in the direction of DK, a character which isn't implicated by any of the other clues.
NessEx gets the point. The time delay didn't really effect the outcome too much but I still think it's a good idea. It allows everybody some time to think.