No, since it would sorta ruin Majora's Mask's name. I mean, they actually named the game after the villain, so what would be the point of that if it was the villain of another game?
Besides, it just seems more like a one-time villain.
No, I would not want to see Majora's Mask return in a future Zelda game. The villain was a one and done type of deal and there is no way to expand upon the story of the mask without tarnishing the reputation of The Legend of Zelda: Majora's Mask among fans. The return of Majora's Mask would indicate a story continuation whether it be a sequel or prequel and we all know how those turn out nowadays. Nintendo should continue building a foundation for new series villains such as Ghirahim and Demise in Skyward Sword as well as pave the way for the return of the iconic Ganondorf. Whether currently through port or future remake, Majora's Mask and the possessed Skull Kid, will always embrace one Zelda installment and one only.
I wouldn't have a problem if it was weaved into another story somehow, that would maybe explain some of the origins of the mask or something, but I wouldn't want an actual sequel or return of Majora's Mask.
The only way I can see a game related to the mask is if the game is set in Termina again. I would definitely like to see more of that story, but I feel that Termina was meant as a one-time thing. If we had a game that delved deeper into the concept of alternate worlds and their connection to each other, then that would be a good way of continuing the lore.
He shouldn't be a large part of the story in future games, instead, he could have a couple cameo appearances, just link "The Ballad of the Wind Fish" song in Majoras Mask (referring to the Wind Fish in Links Awakening)
I would like to know more of the origins of the mask itself. However if it's another game where the mask is actually taking control of someone, and that's the main villian, then no I don't want that. Simply for it being too repetitive.