First of all...
Well, it would be interesting to have the whole Megaten franchise (or at least most of it, especially with the strange journey redux coming soon), though Persona Warriors may be slightly more popular (or marketable) in the Americas. (Not discounting the possibility of SMT, but that's my thought on it.
Characters Part 1: Abilities
As for the characters, I can't say much for SMT, since the only game I can remember well is Apocalypse.
Suffice it to say, some characters that would be part of both series would probably be some demons, such as Jack Frost or Pixie. If not Warriors, then they may be used as buffs or support abilities. For example, Pixie could provide regeneration abilities, and Jack Frost could provide some sort of buff, like adding a freeze effect to basic attacks, just like the regular elemental weapons from Samurai Warriors. There could also be some sort of partner system like in Apocalypse that can grant similar perks. Those abilities/demons/personas would be accessed via the Demon Summoning Program and the Cathedral of Shadows for SMT, and the Velvet Room for Persona.
Characters Part 2: Warriors
As mentioned before, I'll be talking mainly from the Persona point of view. Of course, you'll get some obvious ones, such as the 3 famous Wildcards Makoto/Minato/Minako, Yu and Akira and each of their respective teams' members. Why not include some Persona 1 and 2's characters as well, like Naoya (P1 Protag) and the gang, and Tatsuya and the others as well. Maybe even Philemon and Nyarlathotep can make appearances... somehow. You may also get the velvet room attendees: Margaret, Elizabeth, Theodore, Justine, Caroline, and Lavenza. If there's some DLC, I'd like to see Strega become part of the roster.
(God, that's a lot of rambling)