Yep. Recolors are pretty fun when your PSD file is set up in a certain way.
EDIT: Do the blues need to be brighter?
Yes. I think the blue stripes on his shirt needs to be lighter, along with his pants. ( I have the game right in front of me on my desk.) Also I think the black in his hair needs to be a LITTLE more lighter, other than that....great job! Oh yeah...I've also noticed that Ness' head in this game is noticeably "thinner" in Smash 4, will vertexes be needed?