They should just make an F-Zero League game for the eShop.
I'd be happy with them just using a F-Zero GX style engine in 1080p, maybe with a few more modern graphical effects, 12-16 new new tracks, a custom track creator, and online play with leaderboards.
Charge $39.99 for it, I think it'd do OK.
The thing is they could release new track packs every year or something, so even if you only have 500,000 loyal F-Zero players, you could keep cashing in on the engine again and again.