IMO, a Smash part II that is community-made is a dope idea but becomes even more dope if we use characters that already exist rather than come up with new IP.
If this is what I think it is, here is a list of public domain characters I have conveniently compiled:
Aladdin
Robin Hood
Alice in Wonderland
Daredevil
Dracula
Felix the Cat
James Bond
Sherlock Holmes
Frankenstein
Oswald Rabbit
King Kong (!!!)
Mickey Mouse (Steamboat)
Hercules
Hansel and Gretel
Jack Frost
Merlin
Mulan
Little Red Riding Hood
Peter Pan
Pinocchio
Puss in Boots
Winnie the Pooh
Scrooge/Huey/Dewie/Louie
Little Mermaid
Rapunzel
Tarzan
Zorro
Tin Man
Cowardly Lion
Scarecrow
Cheshire Cat
Mad Hatter
Don Quixote
Thor
Death
And soon to enter:
Popeye (2025)
Pluto (2026)
Goofy (2028)
Donald Duck (2030)