I remembered your message here from some pages back, and then I went to investigate more about the whole CERO stuff and check the ratings of some characters' games, and during all that I found myself reading this old interview with Sakurai, who clearly is very, VERY tired of the whole CERO rating stuff himself, lol.
Good thing indeed that Shantae wears pants and not skirts, Japan hates characters showing skin around crotch and thighs more than anything apparently haha. And the top clothing is alright with Nintendo since Krystal wears the same exact type of clothing and she got a 3D model of it, instead of her Assault model which they could've easily gone with instead, lol. So we definitely have nothing to worry about when it comes to these things.
He does mention firearms but somehow Joker still got in with his gun (and Snake's other weapons). So it seems like they (CERO) have been more flexible with Ultimate than how they were in Smash 4
definitely curious stuff nonetheless. Bayo comes from a "D" rated game but her clothing design is totally fine. It's like they don't care if the character has big butt or chest, as long as they have clothings they deem alright. If they think Krystal's top clothing piece was okay to go through, then Shantae would be no problem either.
Things definitely are simpler once someone understands how they really are approaching things lol