One thing that surprisingly hasn't been mentioned before: What you do inside your own four walls is your own buisness. Which in this case means that if you make such a game using someones IP just for yourself, while (probably) still illegal, you won't get into legal issues with anyone. But since you are posting this here, I'm assuming you want to at least show the game off somewhere in the web, so that might be out of the question.
Now here comes the more opinionated part. Having finished and released a sequel to a quite old game some time ago, without having recieved a C&D from the IP owners (first announcement and demo was up around 2008), I wouldn't as strongly discourage you from creating the fan-game you want to make. As there has already been established, there are usually only two possible ways for this to end: Eigther Nintendo will silently endource your game, or they will C&D you. To get a permission is very unlikely, and from what I've heard actually getting sued is very unlikely, too. So if you really feel the urge to make that game - then I'd say, go ahead and make it. As you said, give proper credit, don't make any money of it - and be prepared to be shut down any time. If you still feel it would be worth the time, more the power to you. Whats better to use your time with, then a project you really enjoy making?
And just to clarify, I do respect intellectual property, I just feel that creating a fan game isn't a denial of that propery. No doubt about the legal state, which makes sense to give power to control that property. I just belive that making a "serious" fan game is just another way to show that respect - if we didn't like or even love that game, we wouldn't make a sincere fan game about it, would we?