Made a sprite for Mario and Luigi standing while holding above their heads:
   
What do you think?

Their arm position looks fine, but one thing I'd suggest is making their hats flatten down so it can look more "realistic" when Mario and/ or Luigi are holding something over their head. But it's coming along fine.

Also, as a reply to your comment on your Mario sheet for [/url][url=https://m.gjcdn.net/fireside-post-image/200/4013551-ufxqgkrf-v4.png]Small Mario. His hat and mustache on the side and front sprites are level, but the shading on Mario's front sprite's shoes is a little bit off, try raising the lightest shade of brown up a pixel. And Small Mario looks a little squished, he might look a little better if his head was a pixel taller. I do like that you used Big Mario to compare him with Small Mario to make it easier to compare them both.

Made sprites of Sonic's head without his ears and spikes in more angles, not just in profile view and front view:
   

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(10-31-2020, 11:53 AM)DogToon64 Wrote: Their arm position looks fine, but one thing I'd suggest is making their hats flatten down so it can look more "realistic" when Mario and/ or Luigi are holding something over their head. But it's coming along fine.

Also, as a reply to your comment on your Mario sheet for [/url][url=https://m.gjcdn.net/fireside-post-image/200/4013551-ufxqgkrf-v4.png]Small Mario. His hat and mustache on the side and front sprites are level, but the shading on Mario's front sprite's shoes is a little bit off, try raising the lightest shade of brown up a pixel. And Small Mario looks a little squished, he might look a little better if his head was a pixel taller. I do like that you used Big Mario to compare him with Small Mario to make it easier to compare them both.

DogToon64, the reason why their hats don't flatten down when Mario and Luigi are holding something over their head is because I used the "Super Mario Allstars Super Mario Bros 2" "Mario holding something over his head" sprites for reference:
   
And the reason why the sprites I made for Small Mario look a little squished is because the head is based off of how Small Mario Looks like in the "New Super Mario Bros" Games and the rest of the sprite (not the colo(u)rs) are based off of how Small Mario looks like in "Super Mario World" ingame.

Made sprites of Sonic's head, this time with ears but, still no spikes:
   
What do you think?

Made sprites of Sonic's head (in profile view only), this time with his Quills/Spikes:
   
What do you think?

Improved the quills on my Sonic sprite in profile view and added the front and back views of my Sonic sprite (this time with quills too):
   
What do you think?

Added a "new" angle for my custom Mega Man sprite:
   
What do you think?

Fixed the head and added more angles on my Sonic sprite:
   
What do you think?

Sonic's looking great so far! The only thing I think that can be improved is moving Sonic's left bottom (our right) quill to the right a pixel or two. Other than that, it's looking great so far! I can't wait to see when it's complete.

Made some tiny fixes with the sprites of my custom Luigi sprite scuttling:
   
What do you think?

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Made sprites of Mario walking while holding above his head:
   
What do you think?

For Luigi: There's nothing wrong with Luigi, his sprites are fine. I thought I'd mention a small thing about the sheet, but this is optional. I'd keep Normal Luigi's Jumping sprites above the Fire Luigi sprites. I don't mean to sound like some butt, but I thought I'd mention it so it might make it better organized.

For Mario: There's nothing I can say this time, other than they look great! 

Made two sprites today, first I made sprites of Mario walking while holding above his head, with some shading fixes;
   
and second, made a upgrade to my custom Luigi spritesheet by fixing and adding more frames in the sprites where my custom Luigi sprite is scuttling:
   
What do you think?

Awesome! I like the updated shading on Mario. And Luigi's update's looking good too! It's organized better now.

Updated my custom sprites of Mario and Luigi by fixing the shading and made the exact same thing, with the addition of 16 colo(u)rs (counting transparency) instead of 17 colo(u)rs (counting transparency):
               
I even made icons for said sheets if they were submitted to TSR:
               
What do you think?

Made some heads of Toad in "front" and "back" views:
   
What do you think?