They can just use a Wii to play Melee. The Wii can run GCN games without an emulator, so the performance is the same. They can even play in 480p with component cables (if they use a TV with minimal to no lag), since GCN component cables are $250.
Better yet, you can even mod the Wii to play Melee from an iso copied to a USB drive, so that you don't have to keep wearing out the aging DVD drive.
Or they could move to the next gen and actually play a game from this decade so they can play on the same monitors as every other "fighting game". But it's the Smash Community so they'll just do their thing.
But yeah, Smash is too darn Family for us to criticize it.
But hey... they will eventually run out of CRT Screens and GameCubes
...
At which point they'l just use an emulator.