Okay, now we need a Pinocchio stand in fic with the Smash brothers cast. Here, lemme see if I can map them out…

Mega Man will be Pinochio, because he's not a real boy.
Olimar will be Jiminy, because he is the smallest out of the cast
Rosalina and Luma will be the Blue Fairy, because she looks down at people from the stars (Technically)
Mario will be Geppetto, because he was the first mascot platformer.
Duck Hunt Duo will be the cat and the fish.
Wario will be Stromboli, because he's Italian, fat and a villain.
Fox will be that fox early on in the movie no one remembers.
Bowser Jr/Koopalings with be those kids who get turned into Donkeys. (Said Donkeys will be Donkey Kong)
Ridley will be Monstro, because he's too F@#$ing big.

There. Fanic writers, go forth!

"The Blue Fairy is gonna make him a real boy" sounds like an innuendo to me.