Mario is about lulzploration (what I just made up meaning exploration for the lulz), a simple plot (Princess peach got kidnapped again...), and drugs (the mushrooms, man).
Zelda is about legitimate exploration (aka not seeing a room of 50 jump trampolines), a very detailed story (particularly with their more modern games. Skyward Sword had a phenominal story in it), and is a lot more grounded overall. I do not think this would work and I don't want it to happen.
ALL zelda games should be built with the timeline in mind and should be able to fit into it. If it doesn't fit into the timeline, change the characters and call it something else.