Wii Play was a disappointing Duck Hunt sequel. They could've added him at least ONCE!
If they did Banjo-Kazooie styled collectathon, it'd be weird. The two don't feel like Banjo-Kazooie rip-offs in the first place, if they were put in a similar location with a similar purpose, you'd have a reskin with so many similarities to the original that it could be possible to sue. Even if the characters are older, you're still putting a creature in with a bird that helps him attack, and they have to go through an expansive world collect-a-thon.
It'd be like Dillon suddenly got a reboot to act like the Genesis Sonic games.
However, as a Wii U/3DS game, I'd certainly see appeal as a E-shop download, but not as a full-fledged title. If they REALLY are interested, and create a game that still has the feeling of Duck Hunt, I'd enjoy it. But there's only so much you can do with the story "A dog and duck work together". Who are the villains? Other ducks?
Personally, a full-fledged game featuring forgotten characters working together (Ice Climbers, R.O.B., Duck Hunt, Mike Jones, Lip, Balloon Fighter) to fight an evil force would be amazing. I might just reboot that old project I had with a very similar idea.