I want it. I usually mention it in most wanted sequel/dream games threads. I Always felt the Adventure of Link should have a modern, refined sequel.
I'll be the first one to admit the game has flaws, but I also see a promising core concept that hasn't reached the potential it deserves. It saddens me a little how some people are so quick to dismiss the original game.
I believe this could be THE Legend of Zelda game with the potential to appeal to the core crowd, people who love Demon's/Dark Souls. But only if Nintendo dares to go all out and design the game to be truly challenging with solid, rewarding 2D combat mechanics and a broad range (more in terms of attacks/patterns) of monsters.
I imagine the artstyle to be faithful to the art of the booklet, maybe done by a Japanese animation studio like they did with Wario Land Shake. Or 2.5D with a more darker/serious tone.
Let a new, young, team, or one of their 2nd/3rd party teams develop it.
Nintendo lately seems serious about delivering games for the core crowd, so I wish they would consider this.
I'd also be fine if they made a game like this based on a new franchise.