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You can already play as Giga Bowser, albeit temporarily, by executing Bowser's Final Smash. Also, using hacks for online play is never a good idea, since you risk getting banned if your hacks manipulate the game mechanics in any way.
No. The only fun you'll have is a one way ticket of banning your game from online for playing with hacks. It's NEVER a good idea to play as Giga Bowser in For Fun and For Glory but with friends, it's safe.
Also, there's already a playable Giga Bowser somewhere but it'll be gone and goes back to normal iirc.