I understand your concerns and thoughts completely. BUT! As seen with Mewtwo and Mega Man, as long as we keep the outcry strong and unrelenting, our voices can be heard. I personally don't think Porky's chances are THAT bad, but they're not the best. We just have to show everyone what we see.
The issue lies in that we lack the sheer numbers Mewtwo and Mega Man had, however. While the Mother fanbase is without a doubt one of the most devoted and aspiring communities of any series, Porky's demand isn't as widespread as the aforementioned characters. Mewtwo had the mammoth amount of Pokemon fans, Generation I kids, and Melee players to call for his return, while Mega Man has a fanbase accumulated over 20 years that had an overwhelming majority in favor of seeing its main protagonist be a character, something that the EarthBound fanbase is unfortunately a little more divided over in terms of who we want to see outside of Ness and Lucas.
Not to mention Sakurai's statement that series that are less likely to have more titles in the future are of lower priority to receive more characters, which considering how Shigesato Itoi has no intention of ever making the Mother series larger than a trilogy, is not very likely to happen. I doubt Nintendo will be taking the fan-developed Mother 4 and licensing that as an official game any time soon either. Best case scenario, we see a remake of the entire Mother trilogy on a future handheld or console, but even that will make it a hard sell for more characters beyond Lucas's return.
Lastly, it should also be said that Porky is not just competing within his series, but every other series. Without extreme notoriety like King K. Rool, extremely decent sales potential like a future Pokemon Generation Mascot, an impossible to replicate moveset like the Inklings, or a retro choice that will leave everyone's heads spinning like Lip, Porky will have a hard time finding a niche that other characters don't already have covered with larger support.
I
want Porky. I would love to see Porky over any other new Pokemon, Mario, or Zelda character that could ever be. But realistically speaking, Porky's chances are very slim the way things currently stand. This is not to say that I can't ever imagine Porky in a future Smash Bros., but the way things currently are with EarthBound's dormance and Sakurai's expectations for character selection, a lot will need to change before Porky will ever come into the realm of possible. At the very
least, a new entry in the Mother series (remake or new) and Lucas being playable once again needs to happen before we can even begin to discuss Porky as a major contender among other candidates like Dixie, Isaac, Impa, Tingle, Wolf or Ice Climbers.
(Mother 3 spoiler warning)
My main issue with the Masked Man is that he dies in the end, and in a fairly dramatic and impactful way. True, Ganondorf dies at the end of most games he's in, but it's treated about like Bowser being defeated at the end of each Mario game. The death of Claus, meanwhile, has huge significance in both the story and theme. It just doesn't feel right to have the Masked Man appear in a game not set during Mother 3's timeline.
Considering how Smash Bros. isn't canon, I don't see this as an issue at all. Congruency for a character's status as dead or alive means nothing when this game has the Wii Fit Trainer shooting out miniature suns, Ness is using Paula's and Poo's moves, Duck Hunt is a dog and duck with zero reason to cooperate based on their sole appearance, Morton Koopa is the same size as Lemmy Koopa, and R.O.B.'s history with Professor Hector is completely ignored in favor of Smash OC... Masked Man being dead means nothing in the context of Smash Bros.
Not to say Masked Man is any more likely than Porky or even remotely likely in the first place--not at all, just that canon is the much lesser evil of why Masked Man won't be playable any time soon compared to all of the other factors he'd have to overcome.