Even with the possibility of cannibalizing themselves, I don't really see Nintendo releasing all four as a bundle. The most I see is 64+Sunshine, Galaxy 1&2, and 3d World released two to three months apart.
Price is a big point too. It'd be more appealing to consumers if the above were all $30. Makes it a little more likely for the average fan to buy all of them.
It doesn't seem like we know exactly what 64 is going to be on Switch. It could still simply be a port to launch their N64 Online service. And the problem with what you described is that that's still three $60 Mario platformer releases alongside a $60 Paper Mario. That's a lot especially at a time where people might not have money to buy games like they would previously.
My personal thoughts:
- N64 Online launches with Super Mario 64, Mario Kart 64 and Paper Mario. Maybe a Mario Party game as well.
- Sunshine / Galaxy / Galaxy 2 HD Collection for $60.
- 3D World with an "array of new levels" (perhaps 3D Land as a whole?) for $60.
- Paper Mario 3 for $60.
Three retail games alongside some Mario games on N64 Online.