Okay, apparently this might be old news. I found this on the CAG boards, but it blew my mind as I'm a hardcore Zelda fan from of the original nintendo generation.
This guy, bless his soul, is re-creating Zelda 64/ OOT with Zelda Link to the Past/ SNES style graphics, it looks really promissing, totally 2D! The project is not complete yet, but there are some demos available for DL. "I'm as happy as a little giiiirl."
Check it out at:
http://www.oot2d.com/