Truth be told, I could see this working, but only if they use the setting as a basis rather than any of the games themselves. As in, have a story within Hyrule, but make it its own thing, and heck, don't have Link in it.
Much as I love the LoZ series, let's face it, many of the games wouldn't translate well to TV or movie format, given that they're effectively driven by item acquisition. Course there's story as well, but do we really want 30 mins per episode of Link going to get (insert item here) while companion (insert companion of choice here) shouts "hey, listen!" throughout the episode?