I severely doubt that Sakurai tried to get rights to Banjo-Kazooie. The only three REALLY popular third-party requests during Brawl were Sonic, Mega Man, and Geno and only the first one made the cut. It can't be Mega Man, so if the rumor is true that Sakurai did not get a character in due to legal issues, it could very well be Geno and I feel as Sakurai tried to get the third third-party character in after Sonic. If this is true, then perhaps there's a glimmer of hope for Geno and if he reaches near the heights of the pre-Brawl days, we could very well see Sakurai try again and if there is enough time, perhaps it'll go through.
However, this first requires a revival of the Geno fan base. Which given that the Geno supporters have practically given up, is a near impossible process.
You see, the reason why I don't like the idea of Geno on Sm4sh is because of what you just typed, SSBF. Once Brawl came out, Geno supporters dropped in packs of hungry wolves (No joke, one of those little buggers bit me one time O_O). Once Sm4sh was announced, it was far too late. New video games were made, and Geno was *Partcially* forgotten due to the excitement of the new games. I think Geno's fanbase was hit more by the faulty rumor and new game appearences. Nostaligic appearences may of hurt even more. So it comes to reason that if Geno did make it, not many people will know who he is. Some may, but new gamers (It'll be 2013/14 when SSB4 is released *Guesstimate*, and their will be many new gamers.) won't know much about them. Note, this is a rated T game (Possibly), so they'll focus on what the kids know and like, as well. Not saying we, the older, won't. But not as much. This is also another weakness of Pokemon, as well.
To put it in short, new game releases and new gamers hurt certain fan bases, with Geno's being one of them. Not many will literally forget him, but they may have a new favorite, and won't pay much attention to Geno anymore. Once again, this is a weakness to the Pokemon series. I fear that if a 6th generation OR Genesect appears, then Victini could be crushed. Therefore,
I will destroy the Pokemon Genesect and then brainwash Sakurai into making Victini a newcomer.
...Did I say that right? Lol