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Had a few ideas for how I wanted Skull Kid to play. Here's how I envision it going down.
Skull Kid operates as a lightweight, floaty character with excellent range, slightly quick speed and medium offensive power, and poor defense. Though he is small, he has deceptive reach and offensive abilities, living up to his trickster reputation. Skull Kid attacks with both his own body and with his fairies, Tatl and Tael, similarly to Luma. Tatl and Tael have weak attack power, whereas Skull Kid's attacks are stronger, empowered by dark magic, altogether giving him weak physical attacks at a longer-than-usual range, and more powerful, risky immediate range attacks. Similarly, fairy attacks have fairly quick animations, although Skull Kid's physical attacks have slightly more animation lag. Skull Kid also grabs with his fairies, giving him a slight range advantage. Grab attacks employ physical attacks and eye lasers. Usual strategies will have Skull Kid keeping his opponents at a slight range, whittling up their damage while dodging and darting around them until he can move in close for more deadly, riskier moves.
B - Blow Dart: Can't have Skull Kid without his trusty blow dart. Skull Kid shoots a dart in front of him. Quick and causes flinching, but slower rate of fire than Falco's laser. Can be charged by holding B for about 2-3 seconds to fire a dart that will leave opponents dazed briefly. Doesn't daze if opponent is in the air.
B > - Spin Attack: Borrowing from his boss battle move in MM the game, Skull Kid disappears into his mask as a dark aura surrounds it and spins forward, lashing out with tentacles. Quick, with a medium-sized hit box, but only travels one direction. If the mask directly connects with anyone in front of it, it will halt in its tracks, grabbing and hurling the opponent forward with its tentacles (and knocking down anyone in that thrown opponent's path), after which Skull Kid pops back out of the aura again with some lag. Doesn't do much damage, but has good knockback.
B ^ - Lost Leaves: Harkening back to OoT/TP roots, Skull Kid disappears into a flurry of leaves, reappearing elsewhere at directional input. Doesn't inflict damage, but it is quick, has moderate range, and very little landing lag. If caught in the leaves, opponents are left facing the opposite direction from Skull Kid, a la Mario's cape.
B v - Curse: Skull Kid's Deku Scrub curse is probably his most classic move apart from bringing down the moon, and it would be a shame to waste it. Another forum poster mentioned the idea of a curse, functioning like Wario Waft, and I love this idea. Passively charges, and when activated, creates an area of effect that inflicts a random curse on opponents caught in its range, including dazed, poisoned, tiny, sleep, and invisibility. Delayed activation will increase the curse's area of effect hit box, potentially inflicting many opponents. Does not discriminate against allied players.
Final Smash - Majora's Wrath: Skull Kid transforms into Majora's Wrath, opening up a cinematic where he gives opponents hell with a flurry of tentacle lashes. To activate Majora's Wrath, Skull Kid briefly transforms into Majora's Incarnation as he chicken-dashes forward, attempting to trample a foe.
Taunts: (1) Skull Kid takes his classic leisurely pose in mid-air, giving a cackle. (2) Skull Kid lifts Majora's Mask slightly so you can see his face, looking around briefly before slipping it back on. (3) Skull Kid does a dance while playing Saria's Song on Link's stolen ocarina.