Yeah, that would be a great solution. For instance, calliing it "Zelda Retro" to make it more appealing to potential fans. Why not?
Joke aside, as I was a child, the first time I played Zelda (NES) it felt colossal. Discovering the overworld, dungeons, it felt fantastic. I've nearly possessed all Nintendo consoles and Zelda games till today (except Skyward Sword).
And 10 years ago (I lived in Austria) I was thinking, how great Zelda 1 (NES) was. It must be great, to have a level editor. And so I searched the internet, and had one of my happiest days in life - I discovered Zelda Classic! My childhood dreams were coming true!
I think Zelda Classic because of this reason, Zelda Classic tends to appeal more to Zelda veterans, and former Zelda nerds, don´t you think?
So it would be not very easy to gain a lot of new Zelda fans. Childs nowadays have grown up with N64, Playstation 2, or even Android, Xbox360... they don´t have the feeling, I think for that special "retro games".
A first step would be to release a Zelda Classic version on Android for mainstream, but then you would have to reduce the complexity, if you want to appeal to the mainstream, which would be not very nice for us veterans.
Sorry if you haven´t understand all what I want to express, have to improve my English still (I´m from Europe, Switzerland).
But I quote Nathaniel - it only matters that Zelda Classic is popular to us - we have a very nice, faithful fanbase, which is great. Keep the good work on, I love Zelda Classic!
Greetings from University ETH Zurich, Switzerland (you have great fans out there, over the world !) ;-)