Who's the character in the red jacket at the end of Abobo's Big Adventure?

Solution 1:

The question assumes that the person in the red top and pink sash is meant to resemble a known video game character and is not simply an extra. If that is the case, the only popular characters that I can think of would either be Terry Bogard from Fatal Fury or Samurai Jack in a red outfit (not canon). It is entirely possible that the person was intentionally drawn out of the frame because they are not intended to bear specific resemblance to any other character.

Solution 2:

To me, it looks more like adult Link from Ocarina of Time wearing a Goron Tunic (see the tunic collar and the shoulder belt for holding his sword):