If this has been done before, I apologize. If not, you take, make better.
WAHAHAHAHAHA *ahem* Maybe the S should be backwards, but there's no way I'm using an "M" for "Misha." Not when that Mario jerk has already taken it. Then we have the Waluigi/Shizune hybrid; I thought I'd be "creative" and make her hat read an upside-down R, since she and Lilly are rivals or something. Also because upside down L is taken, obviously.
EDIT: Did I say "upside-down?" I totally meant "rotated." Never got around to pointing that out sooner. Sorry for the misunderstanding and also the FATAL FLAW, everyone. The damage is done, though, so no point in fixing it.