Here are my first edits. Give 'em a try, edit them, critique them, whatever! Enjoy!
Hearts of Justice Peach

Version 3:
http://www.mediafire.com/?ytazkzddn0yThanks to ItalianStallion for these screenshots!




Changes:
Finally got the whole umbrella thing sorted out. Peach starts a match holding the parasol, and she doesn't lose it after using up B and landing (unless she's holding an item of course, in which case, she'll go right back to holding the item after landing).
New up tilt umbrella spin! Even compatible with items! (She twirls the item around instead when holding one. This includes the guns.)
New up air. (Well, I wanted another umbrella attack here, but I haven't found a good animation for it and I still have to figure out all this animation swapping business, so make due with another heart attack!)
New up smash. (It's really just a powered up up tilt. [With a bigger heart!] Thinking about adding a time stop effect here and calling it the heartstopper or the heartbreaker.)
Oh, and I toned down that blasted forward smash! Of course, she's probably still overpowered, so I would be glad to release a more balanced version of version 3 after some input.
Issues:
It is possible for the umbrella NOT to go away when she picks up an item in mid air. Not really an issue (it actually looks kinda cool seeing both the umbrella and a beam sword together), but the umbrella can sometimes hide whatever item Peach is currently holding.
Version 2:



http://www.mediafire.com/download.php?mzymamgozimChanges:
More Hearts! Love to all!
New forward smash! Parasol Power!
New forward tilt! Comes in 3 different varieties!
Modified down smash, dash attack, and neutral air included!
Issues:
Peach doesn't start the match already holding the parasol. You have to bring it out with an umbrella attack.
Peach can't use the parasol to slow down her fall, unless she uses Up B.
Parasol stays in her hand when she catches items in midair. On the ground, the parasol is replaced by the item.
The only way to make the parasol disappear (if you don't want it around) is to use Up B.
The parasol vanishes on down taunt when facing right. This was done on purpose since it completely covers her face otherwise.
Version 1:
http://www.mediafire.com/download.php?yyymvjoemyl

Changes:
Up Smash, FAir, BAir Up Throw and Down Taunt now have the Heart animation.
Higher Double Jump.
Stronger Down Smash. (It traps people easier and has a slightly stronger last hit).
Switched around Voice Clips.
Side Taunt now puts people close by to sleep.
Sage of Time Zelda
Normal:
http://www.mediafire.com/download.php?nnjydjdk4dnLong Time Freeze:
http://www.mediafire.com/download.php?lmxyy1yngntChanges:
New DOWN B: Time Freeze - Freezes
everything on the stage. Gives a longer freeze if you are actually hit by the attack.
The normal version freezes until the animation ends.
The long time freeze version freezes everything for a short while after.
NOTE: This DOES NOT change Zelda into Sheik, as this replaces Transform.

Up Taunt has a small hit box on her hand where the sparkles show up.
New Side Taunts.
DAir impales people into the ground if they are hit with the weak spot.
FAir and BAir have slightly larger hit boxes.
Things to try:
Mess up a Ness or Lucas trying to recover! Cheap.
Buff an ally's recovery jump! Holy... did you just see how far Aether went forward? (Team attack necessary.)
Long lasting effects! Only against Nana.
EDIT:
Thanks for the link to the pic converter catgowoof!