Even with Miyamoto backing up the request, if they couldn't come up with something faithful/in character for him that doesn't require accommodating the game just for him, then he won't happen.
@YH
Lloyd's mostly personal preference. That being said, he starred in arguably the most prolific RPG on the Gamecube, the sequel was a Wii exclusive, he was added into the Wii-exclusive Soul Calibur Legends as well. Save for the all-star games and that PS2 port, he's been showing up mostly on Nintendo platforms since his debut.
Besides, I get the feeling that if you toss out "deservingness", most people would pick Lloyd over Pacman.
And I personally don't care for most FG protagonists, but Skullgirls' Filia is an exception and I do like Ragna even if I don't like playing as him.