Despite originating in Tekken, Yoshimitsu has been a SoulCalibur mainstay since SC1 (discounting Legends, I think), and can already be seen as the first true cross-over character that has appeared consistently in both series, and due to his nature, he would be perfect for SM4SH. I've considered what he would be like, and seeing this thread is awesome, especially revived, because he really does have a good chance. Already having crossed-over into other series outside of Tekken (I believe there was another game - a mario game? - where our dear Yoshimitsu appeared as a guest as well, but I can't seem to remember the name, or if I'm even thinking of Yoshimitsu and not another SC character), it is not far-fetched at all that Namco, already involved in the development of SM4SH, would ask for YoshiM to be included, because, as mentioned before, he fits almost perfectly, and is a notable and popular representative of both of Namco's fighting game series, which are some of the most well-recognized today.
Add to that the aforementioned fact that Nintendo and Namco have worked together before, letting Namco use Link as a guest in SC2, also featuring Yoshimitsu, which boosted the sales of the game on GameCube, and may in some small part be responsible for the success and many of the fans that SC enjoys today. It is entirely possible that Nintendo will, despite the decade that has passed, want to return the favor by featuring a SoulCalibur character, especially now that Namco is helping on development and may have the say in a guest character from their own games.
Arguably, the biggest competition is Pac-Man and a Tales Of... character (Lloyd being the most recognizable choice - also interestingly enough, he also appeared as a guest fighter in the spin-off SoulCalibur Legends), and it is all too likely that one of these two will get in over Yoshimitsu or any Tekken/SC rep - assuming there will be a Namco guest character, of course - but a Tekken/SC character definitely fills out the top 3 in whatever order, and the above pluses for Yoshimutsu, as well as what SSBCandidates mentioned above about YoshiM killing two birds with one stone as a representative of both franchises - and a pretty iconic character in his own right - makes it very plausible that he could win out in popularity or potential and we could see her dear clan leader amongst the likes of Nintendo's biggest All-Stars.
As far as moveset goes, the potential is there, and staggering. Others above have already mentioned the many various and iconic moves and abilities that Yoshimitsu could employ in his SM4SH moveset, and indeed, the absurdity of some of his moves are on par with many moves of other fighters in the game, while still remaining realistic enough to ground him like with the Fire Emblem characters. The fact that Seppeku is one of his msot iconic moves and one of his main attacks in SC (not sure about Tekken, as I haven't played it as much or as often) might be a small point against him, due to the nature of what Seppeku is, but they could feasibly do what was suggested above, and make it like in a play, to where he mimics the action but doesn't actually stab himself. Or, alternatively, include it in his FS (assuming, of course, that that's a feature that comes back) in some capacity.
All in all, Yoshimitsu has a very high chance of making it in, and if Namco were to help five years from now on Smash5, and Yoshimitsu doesn't get in this time, his chances are even higher.
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Did that sound all formal and constructive? I would hope so.
I really Like Yoshimitsu, he's one of my favorite Soul characters, and I would jump at the chance to see any Soul characters in SM4SH, and though Yoshimitsu wouldn't be my first choice (Kilik/Xiba, simply because I like and am good with the Staff style in the games, or Nightmare because he's iconic), he's, like above, in my Top 3, and I would certainly put him on top, especially since he out of everybody has the most likeliest chance of finding his way into the SmashWorld. That said, I am a supported for Yoshimitsu, and I hope that he is in, and/or that this thread gets enough popularity/posts/exposure to warrant at least his consideration for possible DLC later down the road, even if it doesn't go beyond that.
So ... yeah, I really wanna see how they would make him in SM4SH. What kind of character would he be?