Well, I am a big anime and Nintendo fan, so maybe I can share some of my ideas.
If they were to make an anime, that would be great! It could be like a 52 episode series, with NO filler episodes. It could show all the journeys of all the Links, from OoT to ALttP. It would be medium - high quality animation.
Now, I am a GREAT Pokemon fan. I love the anime and the game exactly the same. Now, I need to let everyone know that the Japanese version of Pokemon is ten times better. Not only are the original voices and BGM's left in, but there are no corny jokes. Now, it doesn't have any "mature themes" as many people think it has. It's EXACTLY the same as the English version, content wise. It's more G-rated than...some Disney movies, even. Well, except for that part where Kojiro (James) wore fake breasts, but that was an earlier episode, and they only did that once.
Pokemon Advanced Generation, the anime based on Pokemon Ruby and Sapphire, is even better than back when Satoshi (Ash) was in Kanto. Not only that, but Team Rocket hardly comes anymore, and when they do, they don't bother with Satoshi, they just have their own problems. I have all of the Advanced Generation episodes, and I am getting more this week, and they are really great.
ANYWAYS!...if Nintendo did a Zelda anime, I hope do as great a job as they did with Pokemon (in Japan, NOT here). They could retain their game voices, and...well....it would be just SO cool!
If they DID do a live-action movie, they would just be screwing up Zelda so bad. Anime is the way to go.
But, if they dubbed it, it could be better, since Zelda DOES take place in some type of English or Irish place. And in OoT, a lot of the people speak olde English (thou, etc.). But, I think the Japanese version would be better. At least Ganondorf wouldn't cough up green blood, eh?