Yep. In fact, most of his games are still somewhat based on his exploration, exaggerated, of course. Shiggy is pretty genius. In the The Legend of Zelda and Philosophy, Aonuma is quoted on describing Miyamoto's philosophy of the series:
"Zelda is a game that values reality over realism. In the art world, realism is a movement which faithfully replicates the real world to whatever extent possible. Reality, though, is not mimicking the real world. The big difference is that even using more exaggerated expressions can be an effect means of making things feel more real."
Which essentially means that the games are not meant to replicate reality, but to make the player feel like they're in a real world. Creating reality, pretty much. This quote almost completely sums up Miyamoto's genius. I wish that fans would stop pleading for Zelda to be more realistic like our real world, because it's not meant to be. I'd like it if more would embrace his genius. Sometimes I wonder if Miyamoto feels like his imagination is limited by the demands of the fanbase....
Oh, now I'm just rambling. :x