Wouldn't it be the third, actually? I mean, the Link in The Legend of Zelda and Zelda II: The Adventure of Link are one and the same, after all. It's also the same world, just on a much larger map (You can find the area of the first game south of death mountain).
Yes and no. Lore wise it is the same, as is the case with any version of Hyrule. Gameplay wise however it was rebuilt from the ground up.
In this case it is implied that it will be more like Link Between Worlds, where it is a 1:1 match, but altered/expanded to fit the game's theme and keep things fresh.Last edited by Shiken - on 13 June 2019