I've watched some SC1 Inferno footages since i'm not too familiar with the game, now i think he would be fine as a mimic.
I don't really remember how he played in SC3? but i don't remember he was a mimic. Olcadon was the only mimic in that game from what i remember. But it's more likely they'll go with a mimic.
Cervantes: Of course he would be in the game
Raphael: Same as Cervy,even tho we were a bit scare he couldn't make because you never know
Hwang: He had very low chances at first, but now when you think about he make a lot of sens, he has all the argues that Cervy and Raph,but thing is that he wasn't too popular, but now they can revamp him and reintroduce him to the new players and those who never played SC1.
Lizardman: Let's be honest, a Soul Calibur game without a Lizard on it would feel weird. When you think about it, he even made in SC5 soooo... i mean.