I'm 100% sure that I'll be able to enjoy Zelda U no matter what Link has under his/her pants.
The option to play as the female Linkle is perfectly fine imo. I wouldn't mind the option to change the colour of Link's skin either.
Personally, I'd probably just go with the Link I've known since I was a child but it's optional and I couldn't care less which Link other people choose to play as.