No, if Nintendo has to go 2nd party, a partnership with Microsoft would make much more sense.
3 reasons:
1.) MS is storng in the US but weak in japan. Nintendo in strong in japan but weak in the west.
2.) MS has got little 1st party games compared to Sony, so Nintendo IPs would be perfectly complementary, while Sony and Nintendo on the same machine would step on each others feet.
3.) About crossover titles: Mariocraft and Rare characters + Master Chief in Smash bros. Nuff said.







