A Black Shadow reskin of current Ganondorf to make soom for a weapon wielding Ganondorf as a new character? I have to admit that is an interesting idea, you'd retain Ganondorf for people who like playing him currently, and a C. Falcon clones makes more sense as another F-Zero character, and you'd appease Ganondorf haters who think he needs a sword, by making him a completely new character from scratch, although if they are going to go that far, forget the longsword and go for the giant greatsword.
Plus new F-Zero rep, who only has one rep so far, a new villain which I like cause I love me some evil characters, plus I think Black Shadow and Ganondorf look like they could easily have similar body builds, you'd just wanna make a few tweaks to Fisticuffs Ganondorf's attacks, cause if you'd gonna have those big Black Shadow horns, you gotta have at least one or two attacks where he gores his enemies with them!
*yells* WE CAUGHT ANOTHER ONE, MA!
Aside, that's pretty much the whole reason the idea was so supported in the first place, i.e. it makes complete sense.
Now, the reason it probably won't ever happen in Project M, particularly, is because
A) This is a mod inspired by Super Smash Bros. Melee, to appease fans of that particular game. In Melee, Ganondorf was a Capt. Falcon clone, for whatever backwoods reason.
B) If Ganondorf was changed to be a completely new character it would alienate the Ganondorf players who, for whatever reason, feel Ganondorf being a clone of Capt. Falcon is perfect for him and would despise the change.
C) A lot of people are used to this decision by now, so they'd rather see the remaining 5 clone engine slots go toward new characters, not revamping an old one.
D) The people who hate Black Shadow really, really, REALLY hate him, I mean their hate is so strong that his inclusion would actually cause them to quit playing the game.
All of the above reasons are why most supporters of the idea have either completely given up hope for it or simply support it, but only silently so as to keep the thread here clean and flame war-free.
Another thing of note: all of those reasons come up because Project M's audience is different from the main series games'. The ratio of competitive players to casual ones is WAY bigger on the former than the latter, and competitive players' opinions simply matter more since they help keep this beautiful mod alive. Since most competitive Ganondorf players would hate having to switch mains to play specifically Ganondorf, not the moveset they were already familiar with (which wouldn't actually go away, it'd stay there in the form of Black Shadow), it would hurt the PMBR's street cred with the competitive community and they'd suffer big time.
In the end, I've accepted that Black Shadow / Ganondorf will never happen in Project M, so the best I can hope for is for the idea to come to fruition in Smash 4, which won't play like Melee and as such won't suffer from this problem too much. If Ganondorf continues to be a clone in Project M, I can only live with that while I enjoy the mod's other wonderful things.
Edit:
You forgot to change the properties and names of all the stuff to blood.
Blood Punch
Blood Dive
Blood Boost
Blood Kick
The Bleeding Knee
0_o
The Bleeding Knee suddenly makes me want Blood Falcon more. That's a kicka$$ attack name.