I'm a bit skeptical of it too.I worry that a lot of those titles will be spilt up if they do release them all. I see Ocarina and Majora being sold together and Wind Waker and Twilight Princess both being sold separately.
But hey, Collector's Edition for the Gamecube had Zelda games from the NES and N64 along with a demo of Wind Waker. Granted, oddly no A Link to the Past.
I say the N64 duo and GCN's could be packed onto one cartridge. It'd probably be easier than 3D All-Stars due to no need for Wii emulation.