This might work in theory, but if you actually attempted to do it, I'm not sure how it would turn out.
One reason is that the 2D and 3D games are very different in how you see the screen. In the original LoZ, you see the game from a bird's eye view, and the screen slides as you move throughout the overworld and the dungeons. In the 3D titles, you see the screen as if you are following behind Link. I couldn't see this working in one of the 2D titles, because the game was designed for a bird's eye view, and a third person view would be confusing.
Another reason why I don't think this would work is how you use the weapons. In LoZ, if you are using the bow and arrow, you just equipt it and press a button, then the arrow is fired. In the 3D titles, there is more preparation involved before using the weapon. The bow must be equipted, then an arrow must be loaded, aimed, and so on. While this could be adapted to fit the 3D style, it would ruin the fighting techniques for bosses that require you to use items to defeat them.
It doesn't seem like the best thing Nintendo could do for the franchise. With the same amount of time it would take to adapt the 2D games for the 3D world, they could make an entirely new game that fans would be much happier with.