It's impossible that Link just reverses events, as he had to free all four giants to stop the moon. If he reversed everything, each of the giants would still be imprisoned in the masks worn by the temple bosses.Lol thats a weird but interesting tought.
But still what i mentioned in my first post is just based on facts and logic.
but about the whole undoing thing, in this case i can thing of 2 methods of time travel, or he did jump/travel to day 1 each time, or he reversed time till day one each time. Either way, all the things he has done is back to normal. And thats why in logic Mikau should float everytime.
But the whole logic about multiple links in each time travel, if nintendo was really thinking that way, then is would also mean that the whole OOT split timeline theory doesn't make any sense, in fact it would disprove the whole split timeline theory. I was just giving an example, because i understand your tought about this form of timetravel because its the most logical reason. But some way, it doesn't play a role in these titles.
As for the OoT timeline split, I personally do not believe it exists, or at least, I don't think it's the only explanation. I could explain my thoughts, but it would be off topic, so if you want to know you can PM me.