The graphics are not "Gamecube quality" because the game is an N64 port. The only differences between OoT for Gamecube and OoT for Nintendo 64 are (on the Gamecube): longer save times, longer menu access time, and higher resolution of the polygons. Other than that, the game is exactly the same as the N64 version. The graphics are N64 quality. The controls, while they work on the GC controller, worked better on the N64 (especially for playing songs on the Ocarina). The gameplay, compared to Wind Waker, seems a bit less interesting and less diverse; however, this is understandable considering WW takes everything that was great about OoT's gameplay and built upon it. Anything that was fun in OoT was made at least twice as fun in WW, whether doing so was by adding different animations, slight tweaking of systems, or adding different types of attacks.
All that said, OoT is still a great game. Is it perfect? No, not by any means. It does represent the pinnacle of gaming for the last generation of consoles. The dungeon puzzles are ingenious and often fiendishly difficult. There are two dungeons in particular which are infamous (at least one of them is, and the other I personally consider its peer) for their difficulty. But don't let that stop you. The game is a great challenge.
I would say pick up OoT for Gamecube if you can for $20 or less. As for Master Quest, it's just OoT with the puzzles in the dungeons altered to be harder/more tedious/more annoying.
Edit: The game is all English. There is no Japanese to be found.