I like the Wasp idea and, it seems you have found a perfect base. My advice would be to spend some time editing, create new animations, this base seems small enough that it should be easy enough. I think with those efforts, you could have the next beloved character in the MUGEN world.
Suggestions, work on a shrinking and growing intro and winpose. Create a stance position, I would use what you have pretty much just as moving forward, create punch and kick animations, get hits, ect... Like I said before you have a small enough base that it should be easy enough for most of these, the size changing animations might be the most difficult if you are new to spriting.
Good luck, you have a really great idea here!
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