I think it would make the most sense if it was set in Zelda WII U or a original story set in Hyrule. If it comes into fruition, I would bet it would be for the 30th anniversary since Zelda Wii U is missing that mark. A lot of people seem to have doubts, but if it has the same budget as other...
The Nintendo Direct footage showed what seemed to be a town on the map. I'm fine with towns as long as the citizens have character like in Skyward Sword, but with hopefully more side quests for each town.
A Zelda RPG akin to a Paper Mario vibe would be my dream spin off. As for a crossover, I've heard the idea of a Zelda X Fire Emblem and that would be amazing.
I don't think that this information alone is enough to determine links handedness but I hope he stays a lefty. I can't see them using WM+ controls simply because this needs to focus on the gamepad to really sell people on the Wii U. And honestly, TWWHD played so well with the gamepad I wouldn't...