Great idea, but this could be better.
After watching through to the part where Mario and Luigi keep dying for about 6 or so times, the humor became dry. With as much effervescence as you two have, you could really go more in depth with the characters and start giving random baddies funny names and stories and do accents and just go nuts. "See that Goombah right there? That's Gandar and he thinks Mario ate his wallet so he's comin' after Mario thinkin' WHERE"S MY WALLET AHHHHHHHH!!!" (with hand motions and crazy faces) or, "Luigi is trying to race Mario to get to the princess because the princess is baking cookies and Luigi wants them all 'cause he's a voracious cookie fiend WHAHHHHHH!" (you could even say this while munching on cookies like crazy and having crumbs fly everywhere)
I think that's the image you both are going for with this, but so far the films don't have that spark. Furthermore, the dying six times idea, sometimes it works, but in this I don't think so. Good luck!