I actually like his pants from Skyward Sword because I think it looks fitting with Link's character, since they resemble travelers pants and like is a traveler/adventurer for the most part. So I'm going to have to say pants all the way!
Tights. Link has been wearing tights since the began of the Zelda series and personally i would be disapointed if nintendo changed this. As for bare legs like comon now link...bare legs..what? :/ Hes the Hero of Time its like hes going to his job in saving Hyrule. I dont like i would be wearing shorts to my job personally what do you guys thing?
Twilight Princess not quite leggings not quite pants look. I think that's best. We don't have to constrict Link with tights. The puff pants are a meh. But, there's nothing like a hot summer day, with the wind up your tunic and your not wearing pants.