Wow! Now so many options it is getting hard to pick.
Do you think it would look good to use the Punch-Out marquee text with the colors as it appears on the marquee ?
As far as what is in what corner, I like the bottom as is, perhaps adding back the gloves to top left and moving the character to top right.
One of my biggest things is just wanting everything to match. IE - images came out in and around the same time. That is why I liked the 4 corner (3 characters + gloves) version best I think. All of it was art from the flyers/original cabinet art.
I don't think I would do this, but only other thing I can think of is using art from the Wii version as the art all has the same look. So Mac, King Hippo, Glass Joe, Bald Bull.
I`ve downloaded each zip posted so far, so I have all the files saved in my Punch-Out folder.