I feel like an N64 Classic would need Rare titles for people to buy it, particularly if it gets close to that $100 price point. SNES Classic had Star Fox 2 as a hook. People have recommended Sin and Punishment--problem is, unlike Star Fox, it's not associated with a popular series, in the West (it was highly demanded by fans, but we're talking about a casual audience). I'm sure most people wouldn't know or give a **** about it. But Rare titles on Nintendo for the first time in decades? You can't do that on the Wii U. And anecdotally, I would only get it if Rare titles were on it--otherwise, I have them for far more cheaper, and selective, on my Wii U. And with Microsoft presumably working with Nintendo on Smash, it's far more likelier than it would have been five years ago.
My guess for a realistic line-up:
1. Super Mario 64
2. The Legend of Zelda: Ocarina of Time
3. The Legend of Zelda: Majora's Mask
4. Donkey Kong 64
5. Star Fox 64
6. Kirby 64: The Crystal Shards
7. Yoshi's Story
8. Mario Kart 64
9. Mario Party 2
10. 1080° Snowboarding
11. Pokémon Snap
12. Diddy Kong Racing
13. Banjo-Kazooie
14. Banjo-Tooie
15. Sin and Punishment
There's more than my original 10 proposal, given the announcement of a Playstation Classic (and I felt comfortable adding Tooie this time!). I don't think it will have more than the SNES Classic tho, as Nintendo probably thinks they could outsell the Playstation Classic with their quality alone. Hopefully they realize Rare titles are the way to go.