Reading the tournament rules for the gamestop smash 3DS tournament:
Characters & Character Customization
Any character from the full roster of characters is permitted.
Customized characters are also allowed with the following parameters:
Mii characters may only represent the likeness of the Tournament participant using that Mii character.
Each players customized character and alternate customization must be finalized and approved prior to the start of the Tournament, and customization options must be disclosed to Nintendo and to other participants prior to the start of the Tournament.
Customization options may not be adjusted after the Tournament begins.
Equipment with the following Bonus Effects are not permitted:
Vampire: Life Stealing
Shield Healer: Shield restores health
Escape Artist: Shield Counter
Equipment that gives players an item when entering a battle: Star Rod, Lips Stick, Nintendo Scope, Ray Gun, Fire Flower, Beam Sword, Home Run Bat, Bomb-Omb, Mr. Saturn
Auto-Healer: Auto-Heal
Pity Final Smasher: Final Smash After Respawning
Final Smash Healer: Healing Smash Ball
Double Final Smasher: Double Final Smash
Sudden Death Gambler: Lucky Sudden Death
All customized Special Moves are allowed, including all Mii Fighters and their respective customizable Special Moves
Players may not switch to different characters (E.g. Mario to Peach) during the Tournament or change character customization options. However, during the final set of matches, a player that has lost the previous match may switch to their alternate custom version of their chosen character one time.
Players must stick with only one version of their customized character until the final set of matches.
Even nintendo thinks equipment is OP