Sure it would, it would still be called "Legend of Zelda", hence it would be a Zelda game.
The stale setting, characters, and formula need jettisoned. I would love to see a new type of Link emerge. If the series is supposed to be the same story retold generation by generation as speculated (though the official timeline does kind of refute this), shouldn't the hero change with time?
there could be a Link to the Future but you'd still get some kind of elf boy. you'd still get dungeons. you'd get items to help progress. it'd be the same game basically.