Technically, BS Zelda no Densetsu [1] is a re-release with updated graphics, but I see your point. I believe Zelda 1 & 2 gameplay do not translate well to modern audiences, so it's easier to just re-release them in their original form instead of merely updating textures or going for an all-new remake. Link's Awakening was a much fitter candidate for the latter.

By the way, the Oracle games were originally intended to be a remake of Zelda 1 [2].

[1] https://en.wikipedia.org/wiki/Satellaview_games_from_The_Leg... [2] https://en.wikipedia.org/wiki/The_Legend_of_Zelda:_Oracle_of...

If the Link’s Awakening remake does well, I could see it happening

Which was just released today and is currently being downloaded at my house.

Well they kinda did. They released it on the Satellaview:

https://en.wikipedia.org/wiki/Satellaview_games_from_The_Leg...

Unfortunately, said game never got released anywhere else, meaning the one time we got a 16-bit version of the original Zelda game, it was on a Japan only service that's long been discontinued.

Can it be emulated?

I feel like Zelda 1 & 2 have some dead ends that would be really frustrating. Maybe if it was a true remake, not just a reskin or something.