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Cancelling wouldn't make any sense. They released Twilight Princess for GC and that worked fine, and if the Wii U version is having technical issues doing whatever it takes (change resolution, texture quality, draw distance etc. ) to get it out would be a million times better than cancelling it and piss of the Zelda fanbase.
And the Wii U version was shown and re-confirmed just recently, which would make such a move even more mindboggling. Sure, Nintendo often acts like a person with serious split personality issues but showing of the game, reassuring Wii U owners it's coming only to cancel it five seconds later would be a PR disaster worthy of a Nobel price in Extreme Stupidity.