Yes, and thats because Nintendo would handle Sega Franchises better than Sega currently is. Also, it would really help Nintendo's imagine. It would add several series to Nintendo's lineup that would enrich it. I would even go as far as to say if Nintendo had sega there would be even less need for third parties. Remember how Rare enriched Nintendo? Sega would be like Rare, but better. I used to own(well actually still do) Sega consoles, i got everything that Sega made except master system. So, they did something right. And also what a way to solve software droughts?
Sonic, Nights, Shenmue, Jet Grind Radio, Altered Beasts, Flicky, Space Channel 5, Panzer Dragon, Shining Force, Monkey Ball, Virtual Fighter, Virtual cop, house of the dead, crazy taxi, rez, golden axe, yakuza, phantasy star, shinobi
combined with
Mario, Metroid, Zelda, Kirby, Wii Sports, Donkey Kong, Fire Emblem, Wars, Pikmin, F-zero, Star Fox, 1080, waverace, animal crossing, pokemon.
also a good move for virtual console because then they have more titles to make money off of.
if you took any one of those games and released 5 of those heavy hitters every year for 5 years, it would be a great console, and thats not even counting 3rd party support.