Really, with Square making such a huge, ambitious deal of their own all-time classic; Final Fantasy VII, Nintendo can't really stay behind with Ocarina of Time. I'd welcome a huge reimagining of Ocarina.
JESUS! Man, the first time I saw Dead Hand as a kid I shut off the 64 and waited for my brother to get home to get past it. But yeah, I totally agree. Square is coming out banging with FFVII Remake, Capcom just did RE2 and are supposedly doing RE3 Remake, I think it's time Nintendo did a no holds barred remake/reimagining of Ocarina. I know Miyamoto doesn't like remakes that much but I have to disagree with his stance in this instance. While I don't think we'll see Ocarina Remake on Switch, I do think it would be a great idea for Nintendo to let Ocarina Remake be a launch title for their next hardware.