Exposed, Yes. But Europe and Australia both are untapped and in Nintendo were to try they could get a lot out of those two areas.
As for the name. I'm and almost positive the game will not be called Wind Waker 2, just for the fact that the sequel will not have a prominent use/display of wind like the last Zelda game did. Already be done. A sequel doesn't need to copy exactly or it will be too much of the same. I expect the next Zelda game to have it's own distinct gameplay element that sets it apart from both all previous Zelda games, and other games in general.
How about where Link and Zelda are played both at the same time, sort of like how it was done in WW, but now on a much larger and grand scale, and also similar to the co-op play of Resident Evil 0?