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The one million dollar question is: Do handheld Zelda games have their own development team inside Nintendo? I know all internal Zelda games are made by Aonuma's EAD group but I think it is split up into two teams, one making the handheld games and one making the console ones with developers switching between both strings at different points in time.

What we know is this:

- Nintendo liked Grezzo's work
- Ocarina of Time 3D sold really well
- Aonuma said he wanted the next Zelda not to be a remake
- Iwata publicly asked Aonuma to cut down dev time of the next console Zelda to 3 years (--> 2014 or later)

So yes, I think your prediction of a new game co-developed by an outside studio (not necessarily Grezzo, but why not?) makes sense.