Lil update!!
I've decided against using GokuAcid's sprite as a base, rather Cosmic Emerald very generously made a more SRB2-ish sketch of the sprite, which I fleshed out and modelled after Modern Sonic V6's style.
In terms of moveset, I'm scrapping his entire current moveset in favor of a new one that borrows elements of his moveset in Sonic World DX; for example, an aerial kick that can latch onto walls. DX isn't my only inspiration though, as I want to preserve my original vision of Mighty having a combat-based moveset. As a result of this, I'm going to be using an 06/Frontiers style homing attack, stopping in front of an enemy, and having a small window to attack them. This is most useful with those annoying drill guys in Castle Eggman.
I don't have any gifs to show off just yet, but I can show Mighty's new sprite style next to Modern V6's for everyone to compare and give critique.