Yep. It'd be pretty terrible. We are in pretty terrible times for Nintendo fans, this last year and a half between SMM and March 2017.
I mean, going by development timetables, we'd expect Tokyo EPD, Kyoto EPD, and Retro to be able to drop Mario, Zelda, whatever-Retro's-doing by holiday 2016, but if Nintendo is to be believed, NX has been pushed to March because of software concerns. Moreover, Miyamoto hints at Mario doing something new and Retro is rumored to be on a new IP so that can bloat development time. Still, I think we have reason to expect Mario by holiday 2017 with Retro maybe being pushed into 2018 to spread things out. But just half a year ago I was saying 2016 and 2017 respectively, so Nintendo has a way of pushing things back on us lately and I wouldn't be surprised if that struck again.
Right now I'm guessing it is Zelda from March to holiday as the only big Nintendo game and then Mario on the holiday. But again, I was guessing NX holiday 2016
.
...
As for the reveal itself, yeah, I wouldn't be surprised if Nintendo will sit back on some games even if they are first year projects. Maybe they'll show Mario and keep Retro back for e3 or something.