I'll send a WIP in for a Castlevania 3 track shortly. Some thoughts about the project concept below:
About track selection: almost all of those well known games have been covered numerous times. SMB1, almost all of Mega Man, the first Zelda and Metroid have been done numerous times in many different styles. The NES/Famicom Final Fantasy games have or will have full dedicated OCR albums.
I makes sense to include those well known games of course, but it'd be great if the directors and arrangers took care to pick tracks that are less arranged - such as on your list, from SMB3, the Airship and Athletic themes have no arrangements on OCR, which is good. And if the sources have been done already (SMB Overworld), do them in a style that hasn't been done before (you'll have to think hard about that!). Kid Icarus is a good game to do, a Nintendo original that hasn't been done to death.
There's a ton of games on NES, a huge variety of stuff with tons of less known but still great music. It'd be great to showcase that variety and unearth some gems for the people alongside the stuff they are already familiar with!
Overall I think this is a great idea for a project, it is timely and it's not too far away - this worked great for the Game Boy project reboot (coming out just next week!) so I do hope this gets off the ground. Good luck, and I'll be sending in my WIP soon!