Deviance from the Armaggedon Games team was nice enough to notify me that he got Zelda Classic to work on the Wii, running from DOSBox:
Zelda Classic Wii ThreadHowever, the game seems to run slow per the video linked in that thread and it requires a keyboard to play. These limitations, somewhat kill the deal but it is a great start and maybe we'll see more progress on both fronts in the future. I don't know if speed will ever be able to improve, though.