I'm sure there's a Mario All-Stars Ltd edition for Wii. (yes the original Wii)
They go for around 110 AUD on ebay from what I've seen.
As much as I like the original SMB, the All-Stars version of that and Lost Levels (which include a graphical update and a couple of extra tracks) is the definitive edition for me.
Added to this SMB1-3 has graphical updates (as well as the original MB) so you really can't lose.
I really don't like the graphics of the All-Stars versions. I've always found them to be really ugly. That being said, I stated I was looking to grab it on the 3DS Virtual Console, and only the NES and GBC versions are available on said platform.
That being said, as far as the screen cramping goes, on YouTube it doesn't look TOO bad. The extras sound enticing, even just the ability to play as Luigi in both games (I've always preferred using the Lean Green Mean Machine), even if he doesn't jump high or have low traction. But there's other things, like I can see how the screen cramping could definitely lead to some unwarranted deaths, plus the higher price tag.
I kinda like the overworld map aesthetically, but I can live without that.