YES! First off, any good theme park has to have a shooting gallery, and what better choice than one of the many in the Legend of Zelda. Slingshots for the younger patrons and bows for the older ones. The next must-have is a roller coaster. I mean, what says "theme park" more than a roller coaster? The way Volvagia moves around reminds me of one, so that could be a viable theme for the ride. Another good theme could be riding around on mine carts in the Goron Mines. Transportation around the theme park could be provided by a Spirit Train. There could be Wind Waker boat rides. Food courts could have potions, milk, chateau romani (with recipes for adults and children), and various other consumables from the games. They could have Lon Lon Ranch horse races. Happy Mask gift shop. Windfall Island's windmill as a ferris wheel. Obstacle courses based around different dungeons. And to top it all off, the park itself could be themed after Hyrule Castle and Castle Town.
I doubt it will happen. I see it as being a section of a Nintendo themed amusement park but not as a full amusement park. For rides all you have to do is take existing rides and give them a Zelda theme.
You should take elements from every game and put them in the park. Of course there's going to be a shooting gallery (can't have a Zelda park without it). And there should be a few water rides or a water park (Zora's Domain). There should also be a coaster based off of the minecart portion of Skyward Sword. You get where I'm going with this.