Small problem with optimization. You can't have the helper use the fightfx for its animation. That means each player needs all of the helper animations that need collision data. But you can still use the sprites in the fightfx through explods. I was hoping for a proof of concept tonight, but it's not going to happen.
I can't emphasis sloppy enough, but proof of concept. http://mugenguild.net/~messatsu/fightfx.zip Now I'm really tired, but it's pretty exciting at the same time.
Add this to each (only one is needed to test it though) character's negative state, really doesn't matter which:
[State ]
type = helper
trigger1 = !numhelper(6969696)
stateno = 6969696
ID = 6969696
ownpal = 1
This to each character's air. All should not refer to sprites in your sff. Not going to bother to edit it, but since these aren't supposed to display anything, only the total time would be "needed" in the future to cut down on file size, though that disables using animelem triggers.
Spoiler, click to toggle visibilty
[Begin Action 1]
0,0, 0,0, 1
[Begin Action 4160]
Clsn2Default: 1
Clsn2[0] = 7,-69, 88, 6
4160,1, 0,0, 5
4160,2, 0,0, 5
4160,3, 0,0, 5
4160,4, 0,0, 5
4160,5, 0,0, 5
4160,6, 0,0, 5
4160,7, 0,0, 5
[Begin Action 4161]
Clsn1Default: 1
Clsn1[0] = 60,-72,638,-50
4161,1, 0,0, 5
4161,2, 0,0, 5
4161,3, 0,0, 5
4161,4, 0,0, 5
4161,5, 0,0, 5
4161,6, 0,0, 5
4161,7, 0,0, 5
4161,8, 0,0, 5
4161,9, 0,0, 5
4161,10,0,0, 5
4161,11,0,0, 5
4161,12,0,0, 5
4161,13,0,0, 5
4161,14,0,0, 5
4161,15,0,0, 5
4161,16,0,0, 5
4161,17,0,0, 5
When everything is done, select the character and press start.