About FP7 being announced or not... I think it depends in which format they will choose to announce the ARMS character. If we get another Sakurai presentation, just like happened with the 4 previous fighters, then I don't think we will get FP7. If instead of that we get a Smash Direct for some reason, then I'd expect FP7 to be there.
That is true - that said: It might just be me, but I still get a nagging feeling that Nintendo might not show FP7 together with ARMS. It might be due to a lack of a pure E3 presentation and the sudden shadow-dropping (Hello Origami King). Of course, they could still do a double reveal, but I'm personally not so sure about it really.
There are also a couple other events that could serve as a FP7 "event" if Nintendo wanted to - even if the chances of that are small - such as EVO Online (which runs every July weekend, up to Aug. 2nd). There's a small chance since EVO Online's announcement did mention there would be special events and content (aka. trailers) for the original EVO 2020 lineup.
Your two pick are good and on point, I would also add
Jody Summer for a female character, she is a quite skilled competent Galactic Space Federation pilote and she has according to some a relationship/love interest with Captain Falcon.
Other prominent character would be for me Blood Falcon, Dr Steward and Rick Wheeler the later who has a personnal bif toward Zoda. For Black Shadow I think he can have his personnal move the only clone we can have from Captain Falcon is Blood Falcon.
I could see Jody Summers being a ZSS semi-echo - but if one wants to differentiate her from ZSS one could use the anime as source material and give her a cyborg arm. Not just for tether recoveries (which have been hit and miss historically*), but perhaps other, different attacks as well.
It's a massive shame that Nintendo have no clue what to do with F-Zero (
Miyamoto has admitted as much - edit: without a new controller scheme that suits F-Zero, they're stumped. It's a similar problem as Star Fox suffered from between Command and 64 3D / Zero).
*(To use an extreme example,
- who's an almost broken top tier in Brawl, has an
awful tether Up-B. Personally I prefer the Winged Pikmin one by miles.)