It's nice but... it wouldn't have killed you to use some of the ending pictures for the ninjas so the select screen isn't a mess of color swaps of the same pose.
You did it for Jade and Skarlet, I don't know what stopped you. I do like how you at least changed the backgrounds to try and make them unique.
Out of all the color swapping, Smoke is the worst looking... it's a shame, really.
I'm not crazy on the idea of having MK3 Kano and Sindel thrown in the mix of MK2. If you're going to have Kano, at least have Sonya too. Not Sindel.
Since you're on the path of having hidden characters as selectables... where's Noob? Kintaro? Shao Kahn????
The skulls and the background look awesome. I love the text and the glow effect on the character names.
Lastly, it's almost impossible to see the P1 and P2 cursors over the character pictures.
EDIT: Oh my fucking gawd, I just noticed that the guy I thought was smoke is actually supposed to be Noob Saibot. That just looks horrible man. Horrible.