There, have some notes/tags. Also, in case it comes up, the blue armored fellow on the bottom and the metal dragon under Morton Koopa are from the PCE version of Wonderboy 3 (Dragon's Curse).
I've added notes on a few left over characters: Papi, Pupe, Poh from Aztec Adventure (sega). I can't identify who it is leading them but it sure isn't Nino from the same game.
Psycho Fox from the sega game of the same name
I was going to tag the spirt ghost that Pitt is shooting with an arrow, but I don't know the specific name of the enemy but it does come from the Kiki KaiKai/Pocky & Rocy series.
Isn't the bomb guy above Sir Arthur from one of the Parodius games?
Is that Princess Tomato from Princess Tomato and the Salad Kingdom? Never played it...