This is a great step-up from your last mod, but I still have a couple nitpicks.
M.M.S is a slow character. This is because he's that character you need to get used to in order to master his abilities, this is something you can't really fix, but that isn't what I'm complaining about. What makes him even slower though is how M.M.S is forced to collect rings in order to re-gain the ability to do more magic, this gives me a huge problem, instead please let him slowly re-gain his ability to do magic instead of relying on so much rings. Or at least 1-2 rings per refill up.
I hate how I have to rely on emeralds just to unlock more magic, this makes him really weak and boring in the start (unless you just added 7emeralds.lua like I did). What you should instead do is the more emeralds you have, the more times you can perform magic without having to stop and recharge. Maybe 5 extra spaces for each emerald? This way your space is 35 space instead of 10, this is more fair because this doesn't force people to get the emeralds in order to have a better experience, but at the same time still rewarding and more powerful for people who decide to.
This is pretty much it, M.M.S while complicated, I can see myself having a semi-fun time playing with him. The custom sprites and abilities you made are really creative, so awesome work on him.