It could work, if we're talking about a Zelda game where the hero is a female descendant and has a somewhat original character design. In that case it's "Female Link" only in the sense that the hero is now female.
If we're just talking about a gender swapped Link then no. All that would happen in that case would creating the exact same character and going "But wait, it's female now! We are so progressive!" It would be like making a female Mario when you could have just made a new character. I don't see the point.
Basically I'd rather see a new female character or an already established female character as the PC in a Zelda game rather than Female Link.
If we're just talking about a gender swapped Link then no. All that would happen in that case would creating the exact same character and going "But wait, it's female now! We are so progressive!" It would be like making a female Mario when you could have just made a new character. I don't see the point.
Basically I'd rather see a new female character or an already established female character as the PC in a Zelda game rather than Female Link.