Going by the knowledge that most smash characters don't fill in the role of background cameo and playable character at the same time (in a single version, mind you, I am aware that a couple of characters made their smash origin as background cameos in previous installements), as well as the nature of his roster spot (on which the general consensus is that it is likely the 'version exclusive mini-Link') I think it's pretty likely that Toon Link will not be returning as a playable character for the new Smash generation.

Then again you might just see that differently so to each his own.

Tid, I was at Nintendo of Japan between the last time I was banned, (I understand some Japanese) and heard that Rosetta (Rosalina in Japan) is getting in. I also heard Zeruda-hime (Princess Zelda) is being cut because of some...limitations with her character. Sakurai also mentioned the inclusion of major Capcom characters like Chris Redfield. (Mega Man who was cut out from MvC3, now considered less of)

Now I rest my case.