Pancakes
hot, steaming, as melted butter slips into the cracks, drizzled with sticky sweet syrup OH GOD
After finally going through all 51 of NinjaLink's videos for the custom moves, I definitely feel that they should be tournament-legal. None of them feel broken or overpowered since they are all balanced against each other.
For example, you wanna give Bowser good vertical recovery? Then you sacrifice his out-of-shield up-B option. How about an arrow projectile for Link that can kill? Then you make it so that it's useless unless fully charged.
Not to mention that it severely buffs the characters that have bad default movesets, like Samus and Palutena.
NinjaLink also made the point that it's basically equivalent to choosing your ultra in SFIV.
I don't think I've seen any reasonable argument to not allow custom moves from anyone at least in this thread. It would do so much for the scene and make tournament matches much more fun to watch. Equipment on the other hand...I'm not too sure about.