This is something I'm putting up to share another "up for grabs" idea for anybody who likes the idea:

Again, this is something that has been bouncing around in my head for quite a while, but I don't have the time and energy to do myself.

Anyway, in this universe, Cadance is the one who becomes the bearer of the Element of Magic (since the Element of Magic is also the Element of Friendship, love is basically friendship intensified and Cadance IS the Alicorn of Love)

Anyway, Cadance gets sent to Ponyville to oversee the Summer Sun Celebration with Shining Armor as her bodyguard/assistant.

Another big difference is that Sugar Belle was never one of the "Our Town" ponies and met Big Mac MUCH sooner. She works at Sugarcube Corner alongside the Cakes and Pinkie, naturally.

Anyway, the Elements go as follows:

Cadance: Magic

Shining Armor: Loyalty (earns this by insistingly using his magic to catch and lower Time Turner and Sugar Belle to safely before having Mac pull him up during the rockslide)

Big Mac: Honesty

Sugar Belle: Kindness

Time Turner/Doctor Whooves: Generosity

Muffins: Laughter

Pretty much anybody who likes the idea enough is more than welcome to add their own stuff.