I'd like to preface this by saying I don't hate TL.
In my eyes Toon Link is the #1 character that should be cut for SSB4.
With the knowledge that new characters will be scarce from here on out, I think it's necessary that we make cuts if we can. There are so many characters that will never make it into a Smash Bros game, and I really don't think it's fair for Toon Link to take up that spot. You can give the way he moves, and
even his moveset, to another character. That's fine. But having two Links in the game is just a waste of space. (Don't worry, I feel the same way about other characters as well, like Dr. Mario, and Pichu). I think Skyward Sword Link's aesthetics are a happy medium, so that solves part of the problem right there. I'm not particularly favourable to either art style, but hey. We just need to make Link play better and less clunky. I think that would be the fairest, and most conservative option.
On another note, the source that was linked about Sakurai wanting to make SSB4 a non-competitive game is not sufficient proof for me. The article linked was from a column he wrote in 2003, prior to even Brawl. He did make Brawl purposely non-competitive, and perhaps he feels that way about SSB as a whole, but there's still no indication that that's his direction for SSB4. In fact, there is some reason to believe that a more competitive SSB4 is relatively likely.
Competition was definitely considered in Kid Icarus: Uprising. The Multiplayer aspect was definitely well thought into. I can't find the link, but I remember Sakurai mentioning not wanting to restrict players by telling them how to play the game(be it casually or competitively). Many people interpreted this as a change of heart.
The fact that Bandai-Namco is a big part of the dev team could also suggest this. There needs to be a reason they chose a team with fighting game experience this time. Sakurai said he is opening up character balance to more members of the team this time around. This is significant and will likely lead to better balance for the characters.
Now, I'm not saying that SSB4 will be designed with the competitive audience in mind. Perhaps he'll go with his Brawl approach and actively dissuade players from playing competitively through the inclusion of things such as tripping.
However, I am saying that the limited information we have seems suggest that competitiveness is a possibility this time around. It seems to point more in that direction than saying he will actively make the game uber-casual again.
Perhaps he'll consider that to truly reach the widest audience possible with Smash Bros., it needs to be both casually friendly and have a deeper, balanced, competitive side to it as well.