Long answer ahead
Yes, it sounds like it could work, with a couple of conditions.
Not futuristic, steampunk
Most of the game has to be in a fantasy setting, but, as in A link to the Past there is the dark world, and twilight princess the twilight realm, there could be some thing that takes you between these worlds. I think as long as it doesn't encompass too much of the game, it could even be cool to see link, his weapons and items change when in the steam punk world







