There are three reasons I wouldn't like the idea. To elaborate at all on the first two, we'd have to move this topic to the "Mature Discussion" forums, so I'll keep it brief:
1. I agree with those who say women in games are too objectified.
2. Thinking about it NOW, after over two decades of male Link, any attempt at a female Link becomes gender-swap fetish stuff.
As evidence for both points, I note that two of the female-TP-Link images relied on the more revealing Ordon clothes (sans pants!?) and the other one added a corset. (See also Ms. Aran, especially the revoltingly disproportionate Brawl version.)
Now for the third reason, it's partly that I agree with those who say the social/cultural stuff regarding the differences between male and female gender roles. But it's more than that: A woman in Link's position, even with all the same personal history, would not be quite the same person. Face it, male and female aren't interchangeable. Link is a character (albeit not an especially well-developed one in many cases) and you wouldn't just randomly make Frodo or Luke Skywalker into a woman.
That doesn't mean a Zelda-like game starring a female character wouldn't work. It would. I might even play it (I know I would in an alternate universe where the Zelda series as we know it didn't exist, but in the real world I'd probably dismiss it as a gender-swapped Zelda knock-off unless it were sufficiently different, in which case the question "what if Link were a woman?" doesn't really apply anymore.)
Ancazur, I disagree with you to a certain extent. Yes, male leads in games (as with other media) are objectified and sexualized, often in a different way than women, but it happens nonetheless. But at least in games, some of the most popular characters are exceptions: I doubt Mario or Sonic would be considered eye candy to most people. Master Chief wears armor that obscures his appearance (contrast most of the suits in the Metroid Prime series). I don't know of many playable female video game characters--certainly not many female leads (save Ms. Pac-Man)--that aren't in some way exploited as eye candy.
Anyway, to sum it up, making Link into a woman would just be wrong.