AMD sounds like the logical choice.
Being backwards compatible via Virtual Console should be no problem. The system will be powerful enough to emulate games up to Gamecube and most likely Wii. And Wii U backwards compatibility shouldn't be a central focus: the console failed and people ignored most games on it. They can still release Full HD compilations or remake some Wii U games for NX.
The bigger question is: Can AMD provide a great chipset for Nintendo's next handheld system? If so, both machines would be highly similar (the handheld being weaker of course) which would make multiplatform releases across Nintendo's systems easy and Virtual Console porting as well.
I don't think Nintendo's plan is to produce a "fusion" console, as that would satisfy neither market. Instead, they'll put extremely similar architectures into both consoles and let them run on the same account system. We will still get two versions of Mario Kart, but they'll share some tracks and assets and basically one version will run at 480p and the other at 1080p with added effects.
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