I still think Namco or Square should have a second rep before Capcom get a third (technically fourth) and the only other Japanese third party rep whose company hasn’t touched Smash yet that I could potentially see is Ryu Hayabusa.
Eh, I don't know. Of course it all boils down to taste, but after looking at a list of franchises bamco owns i just don't see any options I'd really care for. Maybe Digimon, but if that were the case it would default be Agumon and i would rather have no digimon than have him in.
As for Square, I could maybe see Laura Croft, but her Nintendo presence was basically in the period of her career where no one cared about her games (as in after her original fame on the PS1 and before her recent resurgence) Really, aside from Dragon Quest, Square doesn't have many recurring characters with any real Nintendo presence. And yes, I know Cloud was proof that you don't need Nintendo History, but for me to like any character being in the game they still need that. So for my tastes Square doesn't have many characters to choose from that are both iconic/relevant and Nintendo related. Basically DQ, Geno or maybe Chrono (he's certainly more Iconic than relevant, but iconic enough for him to be a retro-ish rep)
Capcom, however, has so many possible choices that are both Iconic and relevant to Nintendo. Firebrand, Amaterasu, Phoenix Wright... Or other characters from their already represented games like Roll? I'm still a little annoyed that from all the super interesting characters from Street Fighter we got the two most vanilla ones. I know Ryu is the poster child, but he is still rather boring compared to the stretchy limbs of Dhalsim or the electric pinballing of Blanka.