Recently she's been talking about wanting to get a few more projects out after the E.A loss, and I jokingly suggested that she should see if Nintendo wants her. After all, she's old, Nintendo has old designers in major positions, and they have little issue with single player games. 

So.....if she was to, say, 'be given 20 million dollars, some offices, and some workers', and began working on a title....

A: Would she ask for an existing I.P, or want to make one of her own given Nintendo's recent interest in them

and

B: How would people react to such a move and declaration.

Your title makes it appear to be a news article stating it as fact.

Your post though shows it to be a hypothetical question as to what we would like her to do if something like this were to happen.

Not a fan of titles that don't match an articles contents.

"she's old, Nintendo has old designers in major positions"
Sound logic.
She is talented, Nintendo acknowledges and rewards talented individuals.

I would love to see her give an F-Zero or a new IP a shot.
She would probably want more than 20 mil, and would probably like the luxury of time.

Valve would probably be a better fit for her.
They seem to love giving their developers time.

Well, if it results in a near perfect game, whatever.

Valve develops games???

How many Nintendo franchises feature a female as a director or producer? I don't think any of the major ones do.

Apparently 30% of Nintendo's workforce, is made up of female workers.
Hiring a highly talented, female director is a good way to push that towards the 50% mark.

https://www.nintendo.co.jp/csr/en/report2017/employees/index.html

Animal Crossing New Leaf had a female director (Aya Kyogoku). Since Happy Home designer she has become co-producer of the series I believe.

http://nintendo.wikia.com/wiki/Aya_Kyogoku

I know they have some women working for them but I was referring to women directors.

Ah, interesting. So there's one. Looking back at the game (I own it) I can see the influence of a woman (focus being taken away from Nook and transitioned to Isabell etc.) on the game. 

I could see maybe Kirby or Yoshi being handed to a woman to direct, since those games have such feminine aesthetics. They might be better off for it. Metroid or Zelda on the other hand, I don't know.