Yeah but Nintendo has already said localization efforts for something like that would be too time consuming/expensive.
it stands to possibility that they would be willing to take a percentage of the profits if another company were to localize said game. A small company might have a problem convincing them, but someone like square who already has experience localizing older games (FF3, FF4) would be able to do something like that for a smaller amount than nintendo which might have to assign a banrd new team and also with no graphical changes, just a straight port, you would be talking about translation more than anything.
I am not saying it is happening, but if you were to hear that a nintendo owned property were being localized by squeenix, would it really surprise you?
Just throwing that out there.