All The Characters
You need a multi-tap with a 4th controller available for this code to work. At the title screen, highlight the the 2 players mode (second option), hold Right on Controller 4 and press Button 1 on Controller 1. If done right, all the characters will be unlocked in the 2 players mode.
Extra Animation Mode
You need a multi tap for this code to work. At the main menu, highlight the 3rd option (Options mode). Now, hold Left on Controller 5 and press I on Controller 1. You'll enter the options and once inside, hit Exit and repeat the code again. If done right, you'll be able to change "Animation" from Normal to Arrange 1 or Arrange 2.
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