No...sorry, but just no.
Not Zelda, at least. Now I keep getting images of Link chopping off another Link's arm and blood gowing everywhere. Or a player watching another player walk by with about 13 arrows sticking out of him. Or two players chatting over headsets: "HEY N00b L33t PWNAGE 4 U! HAWHAW!"
Just no. 'Tis is not the essensce of the Wii.