Super Smash Bros. director Sakurai has a Miiverse "pic of the day" series for the upcoming franchise entries on Wii U and 3DS, and recently he posted something all new. Evidently Smash will feature all new items from the Zelda series, including the Gust Bellows item featured in the screen above.
Sakurai notes that "more than a few" new items will be from the Zelda series, which is great news for fans. The team will be taking these items and "reformulating" them to match Smash Bros. so anything seems to be game. Personally? I'd love to see Bombchus make the cut.