I can see where people are coming from, but something tells me no. I fell like games that don't prioritize gameplay over story, or vice versa, come out... Meshy. Like neither one can really breathe, ultimately. I've seen games with better stories than Zela, sure, but I've never see games approach the story, and it's place in the overall experience, with as much polish as Zelda.
I also don't think a really thorough author would appropriately pen the series. Modern literature revolves around cynicism and grit (not to be confused with edginess, which is irrelevant here); it's so injected with reality, with moral ambiguity and its own sort of grim tragedy, that it would miss the lofty, romantic nature of a Zelda game. Zelda's stories are very wondrous, even if they're not always immediately complex. You can always look to a Zelda game and find, at its core, classic themes of honor, of sacrifice. It's not that an author would be incapable of delivering that experience (that's what they do, after all), but they'd likely take a more committed, and ultimately different, approach. Nor am I saying that Zelda stories aren't tragic, or even cynical, they certainly are; simply that they don't have the same timbre as what you'd find in literature nowadays.
Concerning lore, I'm going to take the apparently unpopular opinion and argue against a more unified and expansive mythology. If we make Tolkien, or The Elder Scrolls, out of the Zelda Universe, what's to distinguish it in the end? Zelda isn't high fantasy, it's a fairy tale, a legend. It doesn't have great wars and peoples and jealous gods; it has ancient tales, mysteries, forests and meadows and thieves and pirates and knights in shining armor. It's central themes aren't expressed through the intrigue of its great histories, but rather through the absolute humanity of its characters; it's simply not an expansive lore, it's a collection of isolated and dearly held stories. If we're so passionate about this universe (and many of us are), we can theorize and fill in the gaps; we don't have to dilute that purity of heart that we find in Zelda's narratives.