While I think Majora's Mask was an awesome game (my favorite of the entire series, actually) on it's own, I do think the idea of a sequel is appealing, and also wise.
MM had a lot of strange aspects to it's plot, and a lot of unexplained mysteries. There was the being known as Majora and his origins, the importance of Stone Tower, the Dark Tribe who used the mask, the Fierce Deity, etc. Then there was all the weird symbology.
There's a lot of things left open... probably intentionally. But they still leave a lot of room for expansion, and I for one would be very interested in finding out more about MM's mysteries. I think it had some of the most intriguing plot elements from any of the games, and I'd love to see those aspects explored more and maybe even explained.
There's also the fact that MM had an interesting world I would like to see revisited. I wouldn't so much mind if there wasn't a sequel to MM (although I would like that), but I would at least want another game, somewhere down the line, to take place in Termina. I really would. That would make my day. :xd:
There were also a lot of unique gameplay aspects in MM, such as the time system and mask transformations. I would like to see those return, but it's hard to say if a sequel to MM would see the return of these or not. It might just play completely differently...
So... short answer: Yes.