a) What would you like the gameplay to be like?
The problem with these changes in the Zelda franchise at least is that, when they make them, most notably the alterations to Wii installments, and perhaps every other console jump, they literally change the game play. Sure, Zelda fans can still get used to it and even remember the logistics to gaming, but the core is somewhat altered. I use SS because that was extremely different to me. Sure, puzzles and dungeons were solved in the same manner, but playing took on a whole new feel. I had to "practice" my Wii Remote aiming so that I could get my enemies perfectly. It was nifty, but obviously gimmicky.
My best example for what I'm trying to get at is the transition from OoT to MM. Essentially, the two of them are very much the same game, but they were on to something more so in this comparison that any other new installment. The game play was, in some small ways, revised as if Nintendo said, "hey, let's not completely change how the player plays the game, but what the player USES to play the game." Ala masks, and a track record on time, and a lot of other mechanics that demanded a smarter player to come along and manage everything. ***I say this because children aren't great time managers, so stepping into the 3-day span is like being given a homework assignment- they don't know how to handle that; older gamers figure out ways to procrastinate or otherwise manage the task with ease and coordination***
I owned both games when I was younger, but never fully got through MM because of the difficulty. And mind you, it wasn't hard, but the concept was so beyond me, and it forced me (eventually) to rise to the challenge; however, I was still comfortable enough to play it because of what OoT presented me. And you better believe I beat OoT on multiple occasions because I found it easier.
So in regards to the gameplay and "overhauling" I feel Nintendo should look at what they had set up for TP (not SS because the gimmicky mechanics wouldn't make for a good fit to the Wii U- unless the Wii U Pro controller isn't of use) and improve that. Don't change it. Add on to it. Strip down the aspects of the game that don't fit well, or that could fit better, and create a story that is a game that people want to PLAY, not watch. Unless I'm nostalgic for some Zelda fun, I hardly do reruns through games for the hell of it, because after a week of play, I've found all there is to find. Nintendo needs to evaluate the existing elements of its games before trying to reinvent the wheel. Take Mario Galaxy for example. Sure, it used a bit of motion control, but at its core it was essentially Super Mario 64, with an improved gameplay. And Nintendo found how motion controls could fit well.
b) How would you react?
If this were to happen, I'd be anxious. I'd hope Nintendo would be smart enough to critique itself heavily enough to warrant some serious changes to what the gamer uses to play the basic core of Zelda. I would almost hope for Nintendo to create new positions within their company just for that purpose. Perhaps they already have them, but I don't think they're thinking hard enough. I'd probably seek out such a position, if the off-chance of its addition happened, just so that I could contribute worthwhile thought put into how the game is played. Sure there's mechanics, story, and graphics. But on top of that the game needs presentability and favorability- it has to sell itself on the idea that he adventure is completely new, and it's got to keep gamers coming back (with friends) because that's how the gaming community should be.
I'm not sure if any of you have had this experience, but when TP came out, I was able to convince a lot of my friends to get the game and/or play it. But when SS came out, I did the same campaigning and it resulted in far less "conversions." Why? I have no idea, but presentability and favorability seem without question, key to developing mechanics and story.
c) Would you think Nintendo had reason to change one of the core aspects of Zelda or not? Why?
They're bound to change up the formula somewhat again. Nintendo does a great job with sales, but it seems to me they are missing a demographic, whatever that may be. And they are trying to encompass all audiences the same way OoT managed to become one of the greatest games of all time (totally non-biased, haha). They'll try and reevaluate their production of game elements, but in the end they'll always feel that what they have is great, they're just not sure how it can be any better. I feel Nintendo would see its history and try and chart its future, creating the next change. Whether it's for the best or not, well that's a whole other question.