Nice work so far, some feedback:
- Music paths are incorrect, you used "ssvi" instead of "sstenka" as the folder's name. Love Tenka's OST btw
- Stage name font could be a bit larger or more contrasting, and aligned to the right so it never (almost) gets outside the screen
- VS fonts need fixing too, aligned to the left for P1/P3 and to the right for P2/P4, plus could be smaller (KFM's name gets cut)
- The lag between the character intros and when the round actually starts is huge, I always hate that in lifebars. I suggest making the fight start as soon as the announcer says "Shoubu!"
- Related to the previous point, if you skip the intros the lag is even more noticeable. Don't remember if that can be fixed though
- Misses Simul bars. Plus Fight.sff still has Mugen's default bars, I suggest getting rid of them just for optimization's sake
- Range of Turns lifebars is incorrectly coded
- Chars couldn't pass in front of the bars in SS6, neither in most fighting games
- Combo meter disappears before exiting the screen
- "Character selection frame" could use the player number like the original
- Character names on select screen could use a frame like the original
- Sound when you move from one char slot to another (or choosing menu options) seems ripped at the wrong frequency
- Original "exit menu" sound was nicer, probably ripped on wrong frequency as well
- VS screen would probably be more interesting if you used that flame-ish BG from the original, or maybe the world map from arcade
- "FIGHT" sprite seems glitched
Also, I had this idea of including two def files whenever I release a lifebar (if I ever actually finished one

), one with the power bars on top and another with them on the bottom. Just takes editing some position values, so maybe you could do it.