Firstly, I would hire Malstrom as a business development person and as representative of the market I'm selling to (old-school Nintendo fans).
Then I would make Zelda into a fast-paced, non-linear action game with no puzzles, minimal story or cutscenes and each weapon having a multitude of uses that aren't prescribed by the developer but come from the gamer (Not X item interacts with Y switch/trigger, like so many Zelda items today), and the game would start by giving you a sword immediateyly, with no 'home village' section before you get it like it OoT/WW/TP.
Essentially Zelda I in 3D with more freedom of approach and fresh level design.
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My ideas are quite similar to yours, yet something developers can't see - a game really returning to be like the first installment would sell very well. Like NSMB for Mario.
