I have both the N64 and VC versions of Majora's Mask, and I have never used the Rumble Feature (Never had a Rumble Pack), and I've got through the game and completed it 100% multiple times. So it is definitely not necessary. I don't even know if it really makes the game any better or easier at all.
And for your question about the Rumble Feature on the VC version, I believe that if you use the Classic Controller (Like I do) then you can not use the Rumble Feature. But if you use a Gamecube Controller, then you can. And remember, I believe that it is like this. I'd just check somewhere else and make sure though if you really want to use that feature.
And I would highly suggest the VC version. At least, the North American one. It runs just like the N64 version, with no problems like the Collectors Edition had.