Poke'Fighter

[Kosheh]

This exists and it's called Type Wild. Although the roster is pretty small, I recall the characters looking pretty Sugimori-artwork accurate but it's a dojin fighter.
http://www.pokesho.com/battle

Pretty neat mechanics; it pretty much plays like a King of Fighters game (not the team aspect, but the multiple assist characters like in Howling Blood)

Beta 4 has a selection of eight playable characters AFAIK. Playables include Blaziken, Lucario, Snorlax, Gardevoir and Breeloom.

I'm not sure where to download beta 4.3 but yeah