I think this would have been better as a poll. But my opinion is the original Mega Man (that could perhaps turn into X zelda/shiek or samus/zero suit can).
Likewise, since the most popular game on the NES (I think) was Mega man 2, I think some of his moves should reflect this, like having a leaf shield move,
or bubble blower (which has similar effect from bubble bobble. hehehe).
Likewise, the crash bombs could also be used, to tag a part of the level or somebody only to detonate by remote/timed.
Heck one of the items could be his dog which will try to eject a random player from the match (with his spring thing). *gets excited*
Hopefully he won't look like this though:
Looks like a bad Tron rip off.