This is all pretty simple and quick. Make changes, repack each time you're finished, and then next time you launch the game the changes will show up. If your changes didn't show up, make sure that you're packing up the right files from the directory you think you're working with.

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Using Paxtez's Mod Manager

Select "Rebuild ARC File". When that's done, select "Copy to Steam". That's it - you're ready to play!

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Using CollectionTool

Double-click CollectionTool.bat. Select "Marvel vs Capcom Collection", select "Marvel vs Capcom 2", select "Game", then select Repack. That's it, you're ready to play!

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Using ARCTool

Run: arctool -c -pc -txt -v 7 YourArcNameFolder Then copy the ARC file that it generates to your "nativeDX11x64\arc\pc" game folder. That's it, you're ready to play!

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PLAY!

That's it, you're done and ready to play! Start the game. Pick a top tier. Pick a low tier. Have fun!