Are we basically on the same topics as the last time I was on?
But as far as what characters seem to stand the best chances for certain franchises, I guess I will throw my thoughts in the matter.
For Mario, it is obviously between Bowser Jr and Toad. As for Zelda I feel it is a three way fight between Ghirahim, Impa, and Tetra/Zelda. For Donkey Kong it will be K. Rool vs Dixie Kong. The only Star Fox one that makes sense at this point is Krystal. No other F-Zero character should be in.....yet again (although top choices are Samurai Goroh, Pico, Dr. Stewart, and Black Shadow). Yoshi and Wario are basically going to be by themselves again. However if they did get another rep Kamek would be the only choice for for the Yoshi series while the WarioWare/WarioLand rep is basically between Ashley, Captain Syrup, and Mona. When it comes to Pokemon that is a hard one to decide on. Top choices for the franchise would be a new trainer, Zoroark, Mega-Mewtwo, and Genesect.
The Metroid franchise would basically have Ridley, Melissa, Anthony Higgs, or Adam Malkovich to go along with the fact Samus is Other M based. The next Kid Icarus rep is a major battle between Magnus, Palutena, and Medusa. Hades and Phosphora could be there too but they may make more sense as a boss and AT respectively. Kirby doesn't really need another rep but if there was one it is between Prince Fluff and Bandanna Dee. Mother/Earthbound doesn't need one either but if there was one it would most likely be from Earthbound/Mother 2 since they put that on the VC. Out of that team it can be any of them (Paula, Poo, and Jeff). They might want to go for a Mother 3 rep though and I feel the only one from there for the job would be Kumatora.
Fire Emblem is one big hassle when it comes to reps, there are a lot of possible good ones. And we may see more than just one new one. This possible list is a battle between Robin, Chrom, Lucina, Micaiah, Roy, Sothe, and Lyn. A few of them could be teams too (like Robin/Chrom, Lucina/Chrom, and Micaiah/Sothe). The Retro section would have a few possible reps in Takamaru, Sheriff, Prince Sable, Mach Rider, and Balloon Fighter. When it comes to 3rd parties other good choices fighting for that spot/those spots would be Bomberman, Travis Touchdown, Simon/Trevor Belmont, Lloyd Irving or Cress Albane, Bayonetta, Rayman, Pac-Man, and Sora (to name a few).
As for other misc franchises yet to be repped, six easily come to mind. Those six being Sin & Punishment, Golden Sun, Punchout, Custom Robo, Xenoblade, and Advance Wars.
As for who would rep each franchise, I say:
Sin & Punishment - A battle between Isa Jo, Saki, and Kachi (I still think Isa is the best choice though)
Golden Sun - Battle between "Adult" Isaac and Matthew
Punchout - Obviously Little Mac
Custom Robo - The latest Ray, Ray MkIII
Xenoblade - Shulk obviously, but if there was a second rep (for some reason) I say it is a battle between Dunban, Alvis, Reyn, Melia, and Mechon Fiora
Advance Wars - Between Andy and Will
Other franchises like Dillon's Rolling Western might be possible, but I am not sure.