For what it is worth emulation is working well and has been for a long time. Zelda titles for the nes are usually the first hacks people do and there have been a fair few good/extensive ones.
Hey, I checked the link (huh huh... Link..) and noticed there's a ZC version of LEXX! I don't know if that excites anyone else, but it gave me a thrill.
I think Zelda Classic is being ported to the GP2X at the moment. That might make a DS port easier as the 2X has an ARM CPU, too. Not sure if the DS is fast enough, though.