Also, another idea. With Captain Falcon's moves and animations mapped onto Luigi (since that stretches his limbs), some clever bodypart manipulation, a texture swap and some severely altered stats, wouldn't it be possible to make a Waluigi character? You could map it so that one of his moves spawns a Bob-Omb (but with enormous movelag so it isn't spammable), maybe give him a set of moves similar to the Mario Bros. B moves, the sound effects of the Waluigi Assist, and give him high speed and weight, but with little finesse and control.
Seriously, the mind boggles. I'm no genious, and like I've said before I don't know much about hacking, but I think that is entirely within the range of you awesome hacking folk, if a little ambitious.