Well I can't make an absolute judgement as I'm currently in the middle of my first playthrough of Majora's Mask, when I know almost every little detail of Ocarina of Time. I personally don't think there's much of a connection between their OoT and MM personalities, apart from a select few (the marine researcher, happy mask salesman, the carpenters, possibly others I've yet to encounter) but none of them besides the happy mask salesman are the same people. It's not just limited to these game either, Minish Cap in particular had a lot of characters from Ocarina of Time and Majora's mask, I remember Dampe and Gorman making an appearance, Gorman is most confusing though as he's supposed to be from Termina, in general I just think they like throwing in the odd reference to older games, to make more loyal fans feel special, and say "ahhh I remember him"
EDIT: and Jedizora I think I've heard somewhere before that his name was supposed to be "Erron" but somebody messed up along the line, citation needed, though.