I already own Lost Levels and attempted it once, got to World 6 before taking a break and never picking it up again. I have it on VC which allows me to start from the beginning of a world once I reach it (get to 2-1 and die, start back at 2-1 with all my lives after getting a game over). I'm not worried about Lost Levels!
And yes, I would be playing through the games in release order. If the 3DS store has Donkey Kong GB, I would consider trying it out, but otherwise I would just be playing the original version. Heck, if it is really that good of a game and people are interested in it, I don't see how that could hurt!
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http://www.gamefaqs.com/boards/228-movies-video-and-dvd/58949084