Robin, I like your idea, but I am not sure it would be appropriate for a "main" Zelda title. Perhaps a portable title or, hope upon hope, a sequel or prequel to a main title. That would be pretty cool.
I won't claim that I can make a better Zelda game, but here is what I expect out of any Zelda title.
*Story wise
I expect a world in chaos, where Link must perform some task and go on some quest to restore order. I prefer Zelda to have an active and smart role in the game where she exists. The closest performance would be in The Wind Waker (Firefox, that is a word!), though there has never been a truly satisfying performance from Zelda in my opinion (Have not played Link's awakening, so I can't comment on her counterpart's performance; I hear she's a popular character). I also expect a villain, whether known or unknown, to be revealed at some point and make tell his or her story. However, the focus of the game is not the story. Zelda, to me, is an experiment in intelligent game design. The story is told by performing heroic deeds. This makes it quite unlike a traditional role playing game where the story is plot-driven. I have never felt that 'Link' is a representation of the player. I believe that his intention is to be a connection between our world and the worlds of Hyrule and beyond.
I prefer the worlds where the Triforce is whole instead of imbued to each character.
*Character Design
Link needs to lose his long hat and get a shorter one that doesn't look quite so goofy. Ganondorf needs to buff up. I am quite pleased with Zelda's appearance in Twilight Princess, but she should keep her rapier or weapon-of-choice on her person in a scabbard.
I don't care if I have to use my left hand to swing the sword, unless a sprite is being reversed Link should be left-handed, or at least an option should be available to choose handedness.
*Gameplay
RPG elements: I feel that Adventure of Link style RPG elements is a bit too heavy, and although I understand that the only difference between that game and the others is in how overtly they are displayed, I prefer keeping that information hidden. I remember reading in the Donkey Kong Country manual a description on the interface display: it asked rhetorically where the health bar was, the status bar, the life counter, etc. It answered and said, "off the screen, where they should be". Essentially, the current representation of the RPG elements is good. Hopefully the magic meter makes a return, though.
Items: Yeah, Deku Nuts are cool, but Magic Capes are cooler. Seriously, though, any optional items should be powerful but limited in use. They should turn the tide in a boss battle instead of being completely useless. As for required items, I agree with Nate in the other thread. Very rarely should the dungeon item be a requirement to defeat the boss. Use items to limit world exploration instead of using the storyline for that purpose. The story should be constructed in an exploratory manner, as though Link is solving a mystery. This would allow pieces of information to be revealed at different times, allowing the player to choose which area to explore next and essentially free the player from many of the more recently constricting aspects of the Zelda series. The only Zelda titles where I appreciated the linearity was in the Oracles games, but that is because I felt that there was a purpose to the linearity, which is absent in OoT, WW, and TP.
Boss Battles: They are so boring and easy these days. There is almost always a container that you can break open to restore hearts or whatever necessary items you should be using. The bosses generally get stunned and then hacked apart. I thought the Temple of Time battle was really cool and ingenious, but to make up for that it was designed very simply. For comparison, let's look at the Jedi Knight series. Every boss battle is either a Jedi/Sith or a Rancore, and yet they are still challenging and fun. How can this be? Simple, the bosses get new abilities, smarter AI (less repetitive patterns at any rate), and you have to figure out a strategy to beat them. There is no single best strategy, but some things work better than others.
Dungeon Design: There used to be optional rooms and you could sometimes collect a ton of keys before proceeding through the dungeon. I hope to see a return to this style of dungeon design instead of the Twilight Princess paradigm of, "Which room can I get to? Do I need a key? Repeat".
Finally, any Zelda game needs to be designed with children in mind. A difficulty adjuster would be nice for us old hats (and please make it available without having to beat the game once). I believe that one of the coolest things about Zelda is how open and up for interpretation the story and motives of the characters are. It is important that the game be stimulating to the imagination, instead of being a means of escape.
TL;DR version: "I like the classic formula"