Well, I could see it being done actually, though I am not the world's biggest "Zelda" fan.
My thought process is sort of like this:
Waaay back in the past of the 1990s when you couldn't cross the street without risking being stepped on by a T-rex there was this Anime series being released in the US Called "The Slayers" which was a sword and sorcery satire that had a tendency to go from absurdist comedy to deadpan serious (while remaining internally consistant). It last for like four seasons and spawned several OVA series and games (the games of which were never given a US release to my knowlege).
Pretty much upon it's end, the series was relaunched TWICE in single season science fiction forms.
One of course which is the (in)famous "Trigun" where many of the characters/designs are directly taken from The Slayers as are a number of key plot elements. There is even an episode where as a joke the have Vash (Gourrey) dealing with a 15 year old Lina who is nothing special within that paticular universe. However if you watch pretty much all of the Slayers characters have incarnations and there are plenty of in-jokes connected to it. The brief bit with "Lina" simply being the most overt. Many do not realize the connection as there are fanatic Trigun fans who have never seen "The Slayers".
The other of which is "Lost Universe" which despite being one of MY personal favorite animes was nowhere near as successful as Trigun (at least in the US). Lost Universe again uses incarnations of many of the slayer's characters, includes series referances (including the statue remnants of a specific troll-creature in an auction house), a "Psi-Blade" that looks suspiciously like Gorrunnova, the names of various entities from The slayers (Volfield, etc...), and of course a group of ultra powerful "Lost Ships" which have abillities very similar to the legendary weapons in the final Slayers series.
Of course none of these are directly connected, they are all individual universes without any direct interaction which are sharing certain concepts/roles/and re-envisioned characters, along with some in-jokes that only make sense if you've watched a lot of stuff more or less by the same guys.
Something similar could be done with Zelda, there are enough recurring themes and characters where they could take the same basic elements, and build a science fiction universe out of them. Ironically it should be noted that in the Sci-Fi universes the equivilent of the protaganist of the Slayers "Lina Inverse" is usually given a supporting role (if she is directly there at all), and the hero is her sidekick who was known as Gourrey Gabriev in the slayers series (a point they beat slayers over the head with in Trigun, as during the 'Lina' bit he has his hair down making it quite clear that it's
pretty much the same exact character model).
It could be amusing to see some role changes and such as well (which would be especially amusing to long time players). Like say having Zelda rescue Link for a change.
Just my (long and rambling) thoughts.