Change Colors
Go to any character select screen and either press R or L and
your character will change color.
Choose More than Two Characters in Battle Mode
To choose more than two characters in Battle mode, do this.
1. Press START when you can choose fighting speed.
2. Press START again at Battle mode.
3. On Controller Two, controller press L, R, L, R, L, R, R, L.
4. If you entered it correctly you should hear Vega giggle.
View Profiles
At any character profile screen, hold L + R on Controller Two.
Now you can access all the profile screens without interruption.