A fitting tribute!
Graphics: Very good use of the sprites in this. The only thing that I noticed wonky was during the first verse of the song, it looks like Doc's the one talking, instead of Mac.
Style: 500 foot-pounds of whoop-ass, compacted into a scrawny little 98-pound weakling. Shake well and serve. For best results, direct at opponent's face. Chill unused portion immediately.
Bonus for the extra vids.
Sound: Love the song! The quality was excellent, and you did a nice job of editing out the part after Mac's second knockdown.
Violence: No gouts of blood, and that's good. That never had a place in the game to start with.
Interactivity: Three movies and a credits button in a menu. Simple, but effective.
Humor: This pretty much comes from extra movie #1. I lawled.
Overall: It makes my old 8-bit self all squishy with happiness. You've set a high bar for yourself on later sprite flashes, but if you're this good all the time, it'll be no sweat. Best of luck!