I think to start off and to avoid this whole reproduction issue my first label will be far different than the original label. It will be for SMB3. This being said perhaps I can work out a system that can work towards both sides of the argument.
If so, I might suggest putting Tanooki Mario on the label instead of Racoon Mario. It'd still be an iconic graphic for the game, but it would be easily distinguishable. Besides, Tanooki Mario's the best suit! (not counting Kuribo's shoe)
You may want to look into the legality of what you're doing. Nintendo still owns the copyrights for most NES/SNES games, as well as the trademark of the "Official Nintendo Seal".