I guess I would need to explain myself a bit.
First of all, after the impression that Ocarina of Time's Master Quest version left on me, I would say that It would be nice. Not "ZOMGWINDWAKERMASTERQUESTBESTDAYOFMYLIFE"-like nice, but just nice. I don't see how it would do more than just silencing the ones who say Wind Waker is easy (not saying that it isn't, even I think so myself, in fact), which I don't see as necessary.
At least it would give me a reason to play through it again (like I didn't have enough already) and take off the same-ish feel I always get.
Another reason I don't think it would make too big a differece is because I never thought the dungeons were the game's strongest point to begin with. They were good, but what really drew me into it was the overworld. It just gave me the biggest impression of size I've yet got to get in a game (and I'll be honest, I kinda sorta have nostalgic memories of it).