I wouldn't say it's all that replayable actually. The story is great, but I wouldn't want to replay the whole game just to get the true ending when I can look it up and watch it in just a few minutes online.
Most of the collectibles aren't even worth bothering to collect unless you're a completionist either. For example, I didn't bother getting the seashells to get the Koholint Sword and had no problem beating LA, especially with the Boomerang, which is basically the best weapon in the game, and the blue mail halving the damage taken.
Overall, it's a fun experience to replay every once in a great while, but not more often than that, in my opinion.