I don't think it's that far fetched. I believe IBM has stated that they are willing to license designs so I bet Nintendo could acquire the IP and manufacture on their own. From a die size, the WiiU CPU is aorund ~28mm on a 45nm process. That would be probably around 10mm on 28nm. And since it's a low clocked part, it should be portable to other manufacturers.
However, I'm not sure it's needed. The question I have would be possible to customize (or add some sort of hardware assist) to an existing ARM core to help with backwards compatibility. It's a simple RISC core without any fancy vector extensions/coprocessor so it may be feasible and cheaper.
I think the WiiU's GPU with it's embedded RAM is a bigger obstacle to backwards compatibility.
The way I see it, Nintendo's next handheld will launch on a very cheap and mature 28nm. I don't believe 20SOC will be cheap enough nor mature enough in the time frame that Nintendo want to launch (late next year, speculation).
In May, Iwata said that it would take them about 2 years before they are ready, so 2016 for their next handheld is expected. I think by then, 20nm will be plenty mature, a lot of people pretend that Nintendo doesn't understand tech, or know how to invest in it, but the gamecube and wii were both launched on the modern process when they came out. I don't think the benefits of 20nm is going to fall on deaf ears with Nintendo, especially since there are already 20nm chips in production today.