If you had to make a show for the Mushroom Kingdom, I think this could possibly be the most entertaining way to go. Beats the heck out of the Feivel Goes West show at USF in 1993.
And as I said on the podcast, rather than just screens, but projection mapping like Dreamworks theater and some changing setpieces like Runaway Railway could make it look like the stages not only change between matches, but also, they could follow the fight and zoom in/out and keep focus on characters while our view seemingly change. Could be pretty trippy.