Yeah, there's one guy who talks about it all the time
Anyway, I'd love to see it too. I rented it and got to the last castle but had to take it back. Would be nice to play through it again and actually beat it this time. Problem is there aren't very many Squaresoft games on the VC. There's one called King's Knight. Some people think Square won't release very many games because they like to do the compilation and remake thing all the time. Same thing with Enix and their Dragon Warrior and Star Ocean games.
However, Mario is a partnership between Nintendo so it seems like that would be one of the obvious ones that they could just release. Unless they plan on some sort of Mario RPG/Paper Mario compilation thing down the road.