Smash Ultimate Zelda, Smash 4 Zero Suit Samus, and Ridley all say hi.
You were the one talking about "classic" characters, but sure, if you wanna move the goalpost, I'll entertain you. All of those you mentioned are false equivalency. Zelda is directly from the "Triforce of the gods" duology, therefore from the actual games. ZSS is a bit more muddy, but all they did was add rocket boosters to her shoes, arguably as a direct result of Other M and the backlash the high heels had gotten there. It was also incorporated into her moveset. And Ridley is somewhat of an agglomeration of various designs he's had over the past, while making him fit for smash due to his proportions. In case you haven't noticed, Smash likes to combine aspects of various iterations of the same character, like Mario having a cape, FLUDD and cappy. And yet, all of them can be very clearly seen as the characters that they are, none of them got a drastic or made up change for Smash. How is any of that relevant to your Lip redesign which
drastically alters her look, making her barely recognizable?
The only reason the classic NES characters didn't get redesigned because they're dead and will most likely not have another game outside of cameos ever again.
Funny you mention that, because that's
exactly what I brought up with Little Mac. He only got a redesign after he got a game and not for his appearance in Brawl. Sound familiar?
Characters like Mario, Link, and even Pikachu already got redesigns from their own games.
And Lip only has one game, where she has a very unique design, so moot point. Also Mario never had a drastic design change as well, From the beginning he's had his iconic overalls, mustache and hat, which, over time, were just fleshed out. Again, completely different from your design. As for Link, up until BOTW, he's always had the iconic green tunic and hat and was always recognizable as Link. Yes, there always were some rudimentary differences like tights or baggy pants or chainmail when graphics got more evolved, but those were small changes or additions, again, not a complete redesign. Not to mention, it's never the same Link anyway, bar very few examples. As for BOTW, yes, Link got a drastic change there, but that's something that actually goes hand in hand with the drastically different gameplay, so it's not like it was just done for fun, it actually had a purpose. Nintendo even made a huge deal out of this, how this Link... this entire Zelda game differed from the rest, shaking up the formula.
And even Pikachu is still very recognizable as Pikachu. Yes, he got slimmer, but... that's it. The red cheeks, the bolt shaped tail, the black tipped ears, the brown stripes on his back, they are all still there.
Unless you want to say Panel de Pon is dead and should remain dead, she's getting an update especially since she's relatively unknown and will most likely be unappealing to anyone unfamiliar with her.
Panel de Pon, or at least the fairies, are dead right now, no ifs and buts about this. Lip's only game was in 1995 and her only actual cameo (Animal Crossing just had her clothing and didn't even name her) was in the 2007 DS game in Japan only. For the record, that's still newer than the last F-Zero game, which was for the GBA in 2004 and also Japan only. And just because I say the fairies, as of now, are dead doesn't mean I want it to stay like this, otherwise I wouldn't be here.