Was Op Rainfall really that big? I mean, I thought the Starmen.net community made a much better pitch with the EB Siege. Far more personal.
The Earthbound fanbase is very vocal, but also still pretty small. That's not to say it's small enough not to warrant a rerelease collection, or that it hasn't been long enough that Nintendo couldn't just give it "the old college try"... but you aren't going to see something on par with Op Rainfall if nothing is announced.
But yeah, I remember when the Mother 3 fan translation came out. There were over 300,000 unique downloaders, and even more people who were just visiting the page. If Nintendo gave a slight chance for further Mother localizations in the West, I'm pretty sure they'd get a strong response. The fans gave a great effort even when there was nothing actually on the table, so it could be quite the spectacle if Nintendo made some sort of offer.
But maybe that's just me being hopeful.