I'm not aware of legal trouble involving the the Zelda 64 recomp project, which would have a much higher chance of attracting the attention of big N (especially now that a new version of OoT is coming out).

At least in the way that I see it, a recomp is like building your own turntable to play your vinyl records, after stydying their grooves and infering how they would sound (so I guess that it would be less gray than an emulator).