It could work, there are some very cool titles that I would like to see on there, for example Goldeneye and Stafox would all work very nicely. I'm not really sure how global the appeal would be though. What would be neat was if the games were remade in HD and then made vailable for the OR, I think that would attract a whole lot of people.
Yeah, I agree that the N64 games could use a graphical upgrade if they were going to do Oculus Rift reboots.
A lot of people are nostalgic for Goldeneye and Starfox, but in VR all the blocky textures would be more noticeable so the games would need HD remakes.