Well first of all congrats on getting this to look much much nicer than the original.
However there are still some issues.
+ Colorloss...It is most evident on the left side of the Stage where you can see it even flicker along with the animated frames (look for black colorloss patches above Ryu and Ken in the pic provided)
Spoiler, click to toggle visibiltySeparate the Sky from the Water on every frame and I'm positive you will have much nicer results.
+ This White ugly thing showing up on character supers.
Spoiler, click to toggle visibiltyThis has to do with you commenting an addalpha trans on 2 instances of the def. Once is more than enough and if you play with the values you can most probably get rid of the huge white blotch from showing and get the same striking light effect you intentionally wanted.
+ A LOT of unneeded 0 color space on that floor render. Cut it.
Other than that I would like to say you have come away with a beautiful concept.
I will stay tuned to more of your upcoming works. Keep going!