There's no way that Nintendo would let a non-Japanese developer work on a "sacred cow" franchise like Zelda. No way. Now the B-level franchises like Donkey Kong, Metroid, StarFox, F-Zero, etc. - those are and have been fair game. But Pokemon, Mario, and Zelda will always be Japan-developed, I'm confident in that.
Of course, at this point somebody will scream "Mario RPG", at which time I will tell you to shut up.