I think we shouldn't make a big fuzz about it since it's just some rumors for now. But here are my thoughts.
Since it's on VC and not a remake, I am confident that there will be no balance or visual updates (progressive mode quality tho). I think that's a very good thing since it would eliminate a lot of controversy. I've heard a lot of negative feedback regarding the emulation accuracy of the Wii U VC by retro gaming enthusiasts. If there were any issues with the emulation or lag caused be the (virtual) console, that would of course be an immediate deal-breaker.
Another possible issue for Melee players in the US will be whether both the NTSC and PAL version will be available or only the PAL version, since it was the last version of the game. Even if an NTSC version were available, I think there will still be a lot of controversy around setups. After all, a low latency Monitor is very expensive and I am sure that sub-par monitor setups will be a issue.
My best guess is that if Melee comes out on the VC, Nintendo will mess it up in some aspect so that you cannot use it as a substitute for GC/Wii + CRT setups. Unless there are online capabilities, I don't think the VC version can gather enough interest from competitive players to "split" the community or anything of that sort.
The VC version will definitely gather lot of attention, bring in lots of new people but I think all serious melee players will stay with their GCs and Wiis.
