Well, I think it would have been fine, but, it's not really a fit for Zelda. First-person's biggest draw is that it leaves as low a gap as possible in interaction between the player and the character, it's the most immersive view-point. You see exactly what they see. Zelda's not really an immersive game. You can get lost in its story and world and I'm not saying it's an entirely un-immersive experience, but, it's not the same calibur as games like Call of Duty which throws you into the battlefield. Your not saving Hyrule, Link is, and you control Link, whereas stuff like COD and Battlefield, it's ,more about you, you become that person. NPCs point directly at you, they interact directly with you, it's a lot more direct and immersive. In Zelda, they interact with Link, and you listen in.
So, I don't think first-person is really the best fit for a Zelda game, I don't think it'd really add anything. Although I'd like to see a first-person Zelda just to see the rage.