I'd suggest you ban debate from the thread. Just post your answer and leave. Otherwise, I can guarantee a flame war and a lock.
1) Wolf
He's my first cut. Why? Yeah, I understand that he's far more unique than Falco. But he's just not a huge enough part of the Star Fox franchise and he's not the most unique character in the game.
2) Lucas
He's a semi-clone. I also have no personal attachment to him and he's not a widely known character.
3) Toon Link
He should go; I main him and even I acknowledge this. There's really no need for him; just make Link lighter and more agile and we're good.
4) Lucario
Don't get me wrong. I love Lucario. He's one of my favorite Pokemon and I like him in Smash. But his playstyle doesn't really represent his in-universe playstyle and he never really established himself as "one of the Smash crew."
5) Pokemon Trainer
He's a lot of work for a "single character." While I don't want to see him go, cutting him frees up a lot more time than cutting any other character.
6) Ike
He's unique, but he's not the most interesting character. He'd be easily replaced as a heavy swordsman by Samurai Goroh, Chrom, Magnus, and even Takamaru.
7) R.O.B.
I'd be sad to see him go, but he's not really a crucial part of Smash and he doesn't bring much personality to the table. He's very unique, though, and this is a cut I wouldn't want to make, as are all of the below.
8) Falco
I personally prefer Falco's Brawl style to Fox's... and they're not really clones or even semi-clones. Still... they do share a number of similarities and I'd be able to stomach it. I see him as a more central character than Wolf in both Star Fox and Smash, so he would only be cut afterwards.
9) Snake
He's not really a Nintendo character, and he wasn't the most fitting third party choice. My only problem cutting him is that he's one of the most unique and enjoyable and popular characters on the roster.
10) Ganondorf
If he's going to come back and play like he did in Brawl, it's better to just put him out of his misery.
I personally view Captain Falcon as the face of the franchise. If I were Sakurai, I would be very afraid to cut him.