stoo that's awesome...haha. wish i'd been there.
gw is really freaking good...but definitely not bannable good.
mk is really freaking amazing...and perhaps bannable good.
what i want to talk about is how the game would develop sans-MK. i really think it'd revolve around the current top tier with marth jumping a few spots, and perhaps wario joining them if wario-fever spreads outside of the west coast...
i think all of the characters would dominate at fairly equal levels, with gw being just half a head above the rest.
from my knowledge...
gw has some issues with marth, snake, and wario to a certain extent. really skilled toon links gives gw a headache. tlinks would go up in usage, but i don't think it'd be drastic since marth and snake do just as well. the reason why i place gw as head honcho is because he dominates more of the cast than any other character...that isn't mk. however, i don't think there would be an outcry for a ban here because marth and snake will be common in tourneys and can eliminate gw, so there is a counterbalance there...tlink would probably be most commonly used as a cp secondary if the opponent loses a match to gw.
marth becomes a solid character for high level players, due to most of his matchups being player skill dependent. snake, ddd, rob, dk all serve as a counterbalance so marth doesn't dominate. plus, marth has the most similar playstyle to mk. this is the character i see the most mks flocking to, although not in droves.
ddd beats lots of characters, like gw, but has the disadvantaged matchups that gw lacks. falco and olimar are probably ddd's biggest buzz kills. ddd has a tough matchup with gw but it's only a slight disadvantage. more uncommon characters, like pikachu, also bother ddd. i don't think ddd would change much without mk...most players will still have a secondary for ddd if their main is really bothered by the chain grab.
snake is probably bothered the most by mk's absence, and loses his top spot to gw due to having more difficult matchups. falco, dk, and rob stand out. pikachu is again an option.
rob is fairly popular due to matching up well with snake, ddd, and marth. the biggest knock for rob is that gw is one of his toughest matchups. i think rob will be more common than he is now because gw is about as bad for rob as mk is, but gw will be easier to cp for and less common in tourneys. rob/snake or rob/marth players would be pretty effective, i'd think.
falco counters snake and ddd as well as anyone does, which is why he stays in top tier. gw is difficult though, falco players will need a secondary...probably marth or snake. tl for the lulz.
imo it revolves mainly around gw, and marth/snake as a result, due to having the best matchup with him. ddd, rob, and falco all hang around at an equal or nearly equal level due to having a good matchup against either marth or snake, as well as being the best of the rest. if toon link does well against a good portion of the rest of the top tier (i think ddd and maybe rob are the likeliest), then tlink could very well become a solid counterpick for players. the biggest boost would be if tlink did well against marth, but i think it's a 6:4 disadvantage. not bad though.
just theorycraft, feel free to add in and share your thoughts.