So basically, you want Spirit Tracks to have Deku muskets
As it is, TP has some impressive archimedean machinery and they certainly have knowledge of both cannons and gunpowder (though I'm not certain they'd be used as weapons per se). I just don't see how a Zelda game could possibly be steampunk and still be a Zelda game.
Zelda is about mystery and exploring forests, caves and mountains to uncover long-lost temples and labyrinths. It's about a boy who starts off with little more than his wits taking on an ancient and overwhelmingly powerful evil. It's basically the David vs Goliath story told in installments/episodes (dungeons/quests).
When I think of a Zelda set in a modern era (electricity et al) where the dungeons are hidden deep under the modern metropolis known as Hyrule, I always have to wonder how he would
not become hugely overpowered thanks to modern weaponry or out of place with a sword and bow. Even if you replace his bow with a muzzle-loading carbine or musket, you still have the problem of how stupid he'd look with a sword out in the streets of a modernised Hyrule.