The style of graphics for Zelda Wii that would be best IMO would be very unique cel-shaded *totally* different from WW/PH/ST, and with totally different artwork/designs.
Maybe something along the lines of Okami or something else, and with some of that old 80s artwork as the baseline. lighting and animation have to be key, less focus on polygon counts & textures. Should run at 60fps which will be needed to have the smoothest sword & shield gameplay engine with M+
As for a Twilight Princess 2, the only reason why I'd want such a game (other than TP being exellent, amazing even with its major flaws) is because of all the things that were cut out of the final game or drastically changed--Things were seen in the 3 trailers of '04 & '05, especially the first 2, the ones from E3 '04 and GDC '05.