Also, just wanting to throw this out here again, right from the Project M homepage.
"First and foremost as a game mod, we are still under certain legal obligations and restrictions. To stay in Nintendo's good graces and to avoid attracting Cease & Desist letters from 3rd party companies, we are limiting our choice of new characters to those that Nintendo has already licensed for inclusion in Brawl. In other words, that restricts us to characters that already appear in the game in some way, such as trophies, assists, or stickers. Additionally, to avoid appearing as competition to Smash U/3DS sales in Nintendo's eyes, we do not have any plans to try to "back port" any new Smash 4 characters to Project M."
Not that I don't like the Awakening characters or artwork, myself, but I think that this limits what the PMBR can do in terms of legality.