What about the shoes? They would replace the bunny hood's speed boost in addition to making your attacks faster.

Because a hat item would be easier to implement and more visually identifiable. Say for example Sonic picks up the "Sonic's Shoes" item, he'd look exactly the same. And characters that are say, in dresses, and therefor you can't see their feet or characters with no feet at all? There is probably good reason Nintendo hasn't put something like Link's Hover Boots in the main Smash for similar reasons.

I have a few request for items
we need a item and I vote on elemental shields from sonic 3 and knuckles
Bubble shield: Press down to bounce down as an attack dependant on height(min 5%-max 30%)
Electric shield: Gives your character an extra jump and items are slightly attracted to you
Fire shield: Replaces neutral attack with a flame dash, useful for recovery or 10% high knockback damage

I vote for a pokemon item that isn't a pokeball
X attack: Attacks do 50% more damage
X defense: Attacks received do 50% less damage
Super rod: Replaces grab with a teather grab for 10 grabs(if it actually grabs something)

An item to represent can be
Command cards: Works like a dragoon, grab all 3 to get ars arcum(50%, OHKO if all hits connect)
Can hit ppl to make them drop cards

For a new hammer like item we can have
Master Sword(Kirby and the amazing mirror) Spawn on a pedestal and when grabs replaces your moveset for 10 seconds

We need a item
Flame pot: Works like a fire flower but you can use other attacks with it to combo(like superspicy curry) Periodically spurts flames(12 times til it runs out)

item can be
Magic Materia: Gives attacks an element(Fire has high knockback, Ice freezes, thunder stuns)
Independent Materia: Gives a stat boost to the character, a symbol can appear near the character portrait to inform which boost you have. boost include attack up, defense up, increased jump, lowered knockback,health regen, and speed increase which all last for 6 seconds(can potentially backfire)


Finally we need a item, but I can't think of one...

Hammer, Smash Coins, or a brand new item from a 3rd party series.

Warp Star

the sandbag item would really be a wild speculation wild considering hes already a character

Bleach and DBZ have AT reps, but as far as I know there isn't one for Naruto yet, so Imma say Sasuke

And I know they killed Light partly in order to reduce the amount of animoo, but I still yearn for an intelligent, powerful AT to take his place
So why not EVA-01, since Neon Genesis Evangelion is one of the more influential anime series out there (and it has a release on the N64)?
It could start of by simply landing beside the stage and shooting at opponents, occasionally diving in with its blade, but when it is attacked long enough, it'll go berserk and land behind the stage, grabbing, crushing and clawing away at anyone (even its summoner) in a bare fisted frenzy until it has tired itself out

Considering Exploding Tag is an item from Naruto, items from the other 3 franchises represented in ssf2 should be a thing

the franklin Badge for projectiles and the "SUPERSPICY CURRY" for extra flare ....



cracker launcher

Oh I almost forgot, Sanji as the One Piece AT

Bags

Bags will replace crates so the Devs don't have to make carrying animations.