I know it's technically possible to emulate the SNES on the GC. That wasn't my point. My point is that Nintendo has displayed no interest in creating or adapting one for the GameCube. And why would they? Nintendo and its 3rd parties wouldn't want gamers to think they're entitled to free or discounted SNES games on their GameCube when publishers could port them to the GBA at full price! Even if LttP weren't on the GBA it still probably wouldn't have been a part of this compilation.
By similar logic one might say the Zelda N64-GC conversions suggest Nintendo will not be releasing a 3D handheld in the near future. Of course that deduction would be misguided, as Nintendo's 3D handheld (if it ever appears) probably will not have all the buttons most N64 games demand. On the other hand, the GBA doesn't have all the buttons most SNES games demand either, so I could be wrong... Heck, we've seen Donkey Kong Country ported TWICE to Nintendo handhelds (thrice if you count the somewhat original Donkey Kong Land), so anything's possible.