Though balloon fight is never my favorite game, I personally love to see a remake. Along the line with Dig Dug, Ice climber and well... a few others. Even if its just a graphical revamp.
Anyway, the sprite wise, I agree with what huZba mentioned- the character seems to be a little too normal. I hope you don't mind that I did another version of the character myself here...
This 1st is the original, while the rest are different tryout with different size and color restriction.
I try to give him more character with his proportion and a red nose (the original had a large nose). Something that the player can remember him with. Hope it helps