Personally I would love to see a re-imagined LttP...... really upgraded and adorned with whatever current-gen bells and whistles they could manage.... that however will not happen.... MM will be out WAY before anything happens with LttP and when something does happen with LttP, I am will to bet, it will be a simple re-release with some additional connectivity function we can't yet wrap our heads around... Hoping for a truly re-built LttP is like waiting for a re-make of FF6... everyone knows it could kick some serious ass but will probably never happen for many of the reasons already mentioned..
No. God no! The last thing LttP ever needed would be Shashrala or Zelda stopping you every room to either state the obvious or simply tell you everything you need to know to get past the room you're in while every pick up tells you what you got over and over again and what very few puzzles/obstacles there were originally are watered down to mindless 'use specific dungeon item here' exercises, nor would I appreciate changing the inventory up so that you'd have to blow into the mic everytime you wanted to use the Flute or sketch some arbitrary pattern to beat a boss.
Now I wouldn't mind a 3D Classics port like what the original Kid Icarus and other classic NES games received, and would fit fairly well given how many instances of multi-planed environments there were originally, but the game doesn't really need much more beyond that. I mean, there's a reason why we roughly keep getting the same game over and over again in OoT, WW, and TP.