As a learning project to build this style of game it looks great. I think a Nintendo C&D may be likely given how protective they are of their IP. Even if there's no download of it, Lloyd definitely benefited from the buzz around the "Zelda" name being included.
A Link to the Past is my all time favorite Zelda game, though it might be more nolstagia than anything else. The 3DS followup definitely scratched the same itch, much more so than the Link's Awakening remake (the view is just...off, not sure how to explain it). While I definitely enjoy Zelda games, I think my favorite Action RPG is Bloodborne - it's much faster paced than Dark Souls and encourages/forces the player to be more agressive than using the shield often (something that took me a while to get into, but once it clicked, it was a lot of fun).
RE: Legend of Zelda Remade in Unreal Engine Looks Amazing