I would love a graphics and control update of the original LoZ. But I would definitely not want to see any added content like extra items or more story. I might bend a little on the lighter aspects of the story, as in having a little more text between characters and possibly a little more elaboration on the story present in the game. I would not want to see anything else added that is unnecessary like a miniquest to gain a different sword or NPC's of other games like Tingle or the fairy queen appearing. A graphics update of the same nature as Super Mario Advance, or Allstars I think would be great to have. However a game like that could only really come out in some form of anniversary or special release as I do not think it would normally sell well in today's market.
Now Zelda 2 I would actually like to see some improvements made. Not only an update of graphics, but an overhaul of the combat system and NPC text. A few tweaks like adding a longer more user friendly sword, much tighter controls especially with jumping and landing, improve the random encounters a little; and then fixing up all the NPC so that they not only speak in coherent sentences, but actually add to the story of the game.