So I've since found out that there's only 5 people per team.
Here's my thoughts:
1. Mitsuharu Misawa. I daresay the greatest professional wrestler in the history of Japan - possibly the world. More 5 star matches than you can shake a stick at, an 8 time world champion (and Japan doesn't throw around championships, mind you), Misawa is an absolute Japanese legend. His immense popularity and list of incredible feuds - against Toshiaki Kawada, Kenta Kobashi, Akira Taue, Jun Akiyama, and Steve Williams - brought Japanese wrestling to new heights and created some of the best wrestling ever. He then founded what many, including myself, consider the bright light of modern Japanese wrestling - NOAH. Here, the greatest youth and true legends of wrestling unite, and the company has produced the best matches of modern Japan - Misawa a participant in many of them. In terms of his in ring skill, his feuds, and his contributions to wrestling in general, Misawa is on this team.
2. Toshiaki Kawada. Fuck you. Kawada is a god. He is one of the best in the history of professional wrestling, he has a laundry list of classics - with and against Kobashi and Misawa, in addition to long time partner Akira Taue - and is one half of the greatest tag team ever, the Holy Demon Army. He began his list of incredible matches with a partnership with Genichiro Tenryu against the Miracle Violence Connection of Terry Gordy and Steve Williams, and never looked back. He formed a legendary tag team with Misawa and feuded with Jumbo Tsuruta and his allies in a series of incredible matches. A few years later, he formed a tag team with Akira Taue - and in doing so, formed the world's greatest tag team. Their series of matches with Kenta Kobashi and Mitsuharu Misawa may very well be the greatest matches of all time. Together, Taue and Kawada had an amazing six tag title reigns in AJPW. During his first, short Triple Crown title reign, he had a 60 minute time limit draw against Kenta Kobashi that will go down as the greatest match of such length in history. Kawada went on to defeat Misawa multiple times for Triple Crown titles, but a short reign and a broken arm ended both of them quickly. Kawada then made history by daring to stay loyal to AJPW in the aftermath of the NOAH split, and made history again with an incredible match and victory over IWGP Champion Kensuke Sasaki. In 2003, he won the AJPW title a fifth time and began, I daresay, the greatest Triple Crown championship reign ever, with a record 10 defenses. The sheer emotion of him finally getting such a beautiful title reign is staggering. He still remains a major part of Japanese wrestling, working in HUSTLE, ZERO1, and NJPW, among other promotions. He is my personal favorite Japanese wrestler, and if not for the sheer damned legendary-ness of Misawa, would be my vote for captain.
I spent too much effort in that Kawada essay. Here's my other 3, with no explanation (they don't need it).
3. Kenta Kobashi
4. Antonio Inoki
5. Rikidozan?
I don't really believe in adding a little-known Jr. Heavyweight like Hayabusa here. Ultimately, there must be some consideration for getting votes outside of puroresu freaks, and Hayabusa won't get it. Tiger Mask, in principle, is a better choice. I would argue for Rikidozan above either of them.
The fact is, there's no real reason to add a Jr. Heavyweight to this team other than your scrambling to replace Kawada, which you just can't do. Kawada is a Grade A, Absolute, 100% Legend, and to deny it because of your personal feelings is childish and silly.
EDIT:
So I've just discovered this concept of "events".
For the Iron Man, Kawada is a great choice. He's got plenty of long matches, including the famous draw against Kobashi. Of course, Kobashi qualifies just as well, but either one works.
Submission match: This is where Inoki would shine like a motherfucker.
Falls Count Anywhere: I think this would be a place for Kawada to shine over Kobashi. Kawada's stiffness, brutality, and nastiness would make him a great fit for a hardcore, brawling environment, freeing Kobashi up for the Iron Man match. Kawada, however, presents a more well rounded front than a purely hardcore or purely brawler wrestler.
Ladder match: This is where I think we should, in fact, drop Rikidozan, and I daresay add Hayabusa. Earlier I said there was no reason to add Hayabusa - I lied. I didn't know the events when I posted that, but Hayabusa would shine like a motherfucker in a ladder match. Add him.
Survivor Series: Here's a great reason to put in Kawada - he's tag teamed with Misawa and Kobashi extensively, and even as a six man team. They'd present an awesome, solid core for the team, while Inoki and Hayabusa would provide support.
Battle royale: Will become a popularity contest, really, so why bother?
So, basically: Drop Riki, add Hayabusa.