Yeah!!! I think it would be awesome!
Me and my little brother had lots of fun playing Hyrule Warriors.

Edit: And i love Nintendo Characters. 

While I do enjoy Musou games to some extent I dont feel the current iterations could pull off something epic that a Smash Bros Warriors game deserves. If such a game would release in a year it would sell on name rather than gameplay.

I am not completely against the idea, but it would need quite a lot of work to meet expectations.

Doubtful, unless it was a mode already packed into a Smash Bros main release.

But then again, I am thinking the title would be managed the same as it has been, given all the changes that will come within Nintendo's upper management plus Sakurai likely not returning to head the franchise eventually someone may green light such a thing. I hope not because that would be needless milking.