Ah come on, I want playable Jack, just for the stage music alone! Especially this song! 
The only reasons why Jack gets the AT vote from me is because I don't think that Nintendo will want multiple characters from one 3rd party developer crashing the party and Jack would have to be watered down soooo much (moreso than Snake even) in order to fight with the rest of the Smashers.
i don't like the idea of another Trainer. it's a gimmick i don't think needs to be done again. i'd prefer more 'mons. i could understand a second trainer as a costume change for PT, though.
Jelly, your list still has some cloneliness. the Trainers above for one. (or is it two?) i can't justify Louie's presence at all, and having 2 S&P characters is just plain greedy. 2 announcers is too much as well, although if this is a suggestion for the fourth game to have a female announcer, i could totally get behind that.
other nitpicks:
- having Toad as a character and as a move for Peach is odd. and changing Peach just for this doesn't feel right.
- i still don't see TL on the list. or Ice Climbers. or Lucario.
- if you still have that Toon Mode idea, it would be better to just list them as seperate characters, cause that's what they are. in addition to the two Trainers, that brings your total up to 60, not counting alternate forms.
- 2 AW characters might be greedy too, but i don't know a damn thing about that franchise.
- Travis is too mature for Smash. Jack is even more so.
- anyone SE is too expensive. and even if they could get someone, they'd opt for their posterboy Cloud.
i am eagerly awaiting you to criticise the [parasitic bomb] out of my list.
Hm, valid criticisms but I'll go down them one at a time.
- The Pokemon Trainer situation basically boils down to getting both new Pokemon into the roster without forfeiting any additional spaces for individual Pokemon who have to be there alone (Pikachu, possibly Mewtwo & Jigglypuff) and getting varied trainer faces into the event, be it the female alternates, rivals, Rocket Members, or trainers from newer generations. This would also help for representing more of the newer faces as classic trainer would keep a form of Charmander, Bulbasaur & Squirtle, while the newer trainer can go wild with team diversity.
- Hmm, well, you might have a point with Louie and even the extra Sin & Punishment character but really, it all depends (especially on the part of the Sin & Punishment 2 characters) on how different their playstyles would be. I have a feeling that the S&P2 characters are gonna play very differently (as much as can be allowed) from one another in said game. Louie though, I haven't played enough Pikmin to say, but whose to say some serious Luigification wouldn't come into play for him?
- Toad is one of the best damn possibilities for characters because of two things. The first thing is that he has potential to be the one thing the Smash roster has needed since even Smash 1, the "Judo". Imagine him being the small speedster type who specializes in reversals, grapples, and throws that actually KO. It also works when you look at his past exploits in games like SMB2USA (where he has the highest speed & physical/throwing power) & Wario's Woods (again, showing that he's great at throwing things and can have a projectile in the form of small bombs).
The second reason this works which is very indirect but just as awesome, is because it forces Peach to free up her moveset and adopt more of her Super Princess Peach self. Rather than having Toad for a counter, why not her umbrella (whose name escapes me now) that can eat projectiles or chew on close attackers? You could also work quite a bit more things from SPP into the Smash 4 Peach to make her even more unique.
- [parasitic bomb], I actually forgot Ice Climbers.
- Toon Link's spot is assumed to be there, however, I'm leaving him out in the case that Link gets an overhaul and Zelda Wii turns out to have a character that has a high potential for being playable and relevant to Smash 4. If anything, Toon Link is the fail safe fourth pick.
- The Advance Wars characters are the two main characters of the first 3(?) games and have a bit of precedence as being the only Smash participants who are just human. No special powers or abilities, they just use a lot of tech, and in Andy's case, a giant wrench. (Not solid enough an explanation for this I know, but hey, I figured i might as well should give my reasoning.)
- No one should ever use the too mature line for Smash. Ever. See Solid Snake. (Also, before anyone calls me out on my previous post about Jack from MadWorld, consider the fact that I'm just taking guesses here, SEGA & Nintendo could just as easily troll me and put him in there with nerfed gore factor a la Snake.
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- Don't know about expensive really, considering that Brawl was Nintendo's most expensive endeavor to date as well as something they were proud of. The publicity would really pay for the entry fees anyway in a situation like this.