I just started typing this at 2 AM and couldn't stop. BE WARNED THIS IS A RANT:
A 3-D version of either Legend of Zelda or LttP would trump any of the current Zelda games - why? World map design. Nintendo have completely changed how they treat Hyrule in the jump between 2-D and 3-D, and personally I am TIRED of bare fields with lame enemies. These aren't fun, no matter how beautiful. Compared to the world in Shadow of the Colossus, 3-D Zelda overworlds feel small, cramped, and linear. Nintendo tells stories linearly so I suppose they think that an overworld should be point A to B with large open areas (with no objectives) stuffed in between. The area that has most impressed me so far is Lake Hylia in Twilight Princess. Other than that, Hyrule keeps getting prettier with no gameplay improvement.
Imagine Link to the Past in 3-D. You'd pass a small grove of trees, climb a small hill and come to a library with an ancient book. Around the bend from this library you'd find a bustling town, but directly past it is a forest. Go east from the forest and there is a graveyard and a pathway to both a lake and a castle. These elements are all combined rather than separated.
OoT, MM, and TP all have overworlds that amount to nothing but this:
***---------0------****
**--------------------***
*0---------------------**
*------------------------0
*------------------------*
**---------------------**
***---------------0--***
0 = important, cool looking thing
---- = bare open field
I think the reason Shadow of the Colossus was able to pull this off is because it was entirely about the aesthetic nature of the world - the game's focus was on the barrenness and immensity of the world you were in. It maintained consistency by having you start from point A and get to point B on a linear track, but that linear track was the light from your sword, NOT fake dirt walls that impeded your progress. You could go anywhere, but most places just weren't important. If Zelda could take that world and inhabit it with random people, shops, houses, dungeons, etc, all in one seamless (read: no loading) environment, then it would probably be the best Zelda ever. As it stands, Hyrule Field is just filler in between exciting stuff.
edit: Better wording on the SotC/Zelda comparison. Zelda's gameplay is diverse. It is about many people and places that need saving - Link is the courageous one who must save the world. This is an active participation in the world - ergo, Zelda gameplay is puzzle solving, dialogue, interaction with the overworld, combat, etc. In SotC, the gameplay is stripped to bare elements only - half of the gameplay is merely horse riding, while the other half is fighting the Colossi. The character of Wander participates passively in the world until the Colossi appear. It was an aesthetic choice to make the "forsaken" landscape completely empty, and a wise one because the world itself becomes a plot element that impacts our understanding of the Colossi and our feelings about the mystery unfolding in front of us. Hyrule is meant to be Link's playground - with myriad items and skills by which he must save the multitude people and places, there has got to be plenty to do. Why make Hyrule Field empty if it is the core of his purpose?
Nintendo was afraid to do what Sony did with Shadow of the Colossus, which was make a giant overworld where nothing happens. They believe (and perhaps rightly so) in an overworld that is active - yet they do so only halfway by introducing weak, meaningless enemies that we don't care about and can merely fly past. An element like a bridge or a cavern can be inhabited by so much more than generic enemies, but Nintendo only gives us little morsels rather than the immensity of gameplay found in the dungeons. Pretty much, I feel like Nintendo spends way too much time on filling the dungeons with gameplay and not enough time letting that spill onto Hyrule. We need a living world closer to an Elder Scrolls philosophy, one that brings us back to the 2-D mystery of exploring an overworld (because hey, we might find a person or an item that's important! Not just a friggin heart piece).
I guess that's the end. Yes I want these games remade. end rant