Rysir
The shorts wearing blue anubis
Nah not racist, Punch out runs more on exaggerated stereotypes and I dunno about being too similar to Mac as each character has a style unique to them unless you count Doc who also has the star punch.The problem with the other PO characters is that they're almost all racist in some form, not to mention they'd be too similar to Mac in gameplay.
Only one I can see working is Glass Joe, being one of the most iconic characters and all, and as joke character. He shares Little Mac's air game... And has the worst ground game in the series. His Uspecial and Fspecial barely give any distance in the air. His Nspecial has to be fully charged to be used at all... But has no SA. His "counter" only reduces the damage he takes by 1%. And to top it off, all of his taunts are slightly different versions of "'Ey, 'ey, viva la France!" where he steps into the background (complete with camera zoom and invincibility) and can be OHKO'd (complete with KO Punch effect) if hit right as it ends.
In fact all of Mac's moves except his up b (which is the star punch) are not from punch out at all as regular punches and the star punch was all he had in the actual games while the opponent characters have a list of moves that can be easily placed in smash bros.