Switching between FP and TP views probably isn't a bad thing. I'd enjoy it if they made it in a future game.
Also, you should definitely be able to move while in FP view, even if it's not an essential gameplay mode; they did that well in SS, and I always get frustrated when I have to look around in TP. (BTW, the way you can move around really helps on the Sandship; I can't imagine trying to hit that Timeshift Stone with the bow without being able to move while aiming!)
As for a full FP Zelda game, no. I want to see Link, and I want to see what's happening around me; the other replies sum my thoughts up nicely.
BTW, there's a really cool glitch that allows you to play in first person in OOT. To start off, you should activate the Swordless Link glitch. The glitch is active when you don't have a sword equipped on the gear screen. With a completed game file, the easiest way is to use the Restricted Items glitch (look up "Farore's Wind anywhere" on youtube) to cast Farore's Wind somewhere (or cast it in a dungeon if you want, the glitch will work. Even though I don't see the point.) Then go beat up Ganondorf, all the way until he knocks the Master Sword out of your hand. Use RI again to warp away to the point you set earlier; you are now Swordless!
To play in FPS, make sure you have some Deku Nuts (!) and mount Epona. You will be able to use all your items *gasp*! Use one that activates a mini-cutscene. Casting a spell, or releasing something from a bottle works, but I prefer just using the ocarina. Link will fall on the ground, but the game will still be in the "mounted" state (therefore, you'll still see the carrot meter; as a matter of fact, you'll be invincible, but your magic can still drain
). If you run around, Epona will also move! Check again for Deku Nuts, then take out a FP item (i.e. bow or hookshot). This will result in a kind of softlock, and you won't be able to move or use any item (except for firing arrows/the hookshot). A continuous beep should also play, it's normal.
To break out of the softlock, use a Deku Nut. This will allow you to move around and use items, but the camera will stay "glued" to somewhere inside Link's head. Also, you can't remote control Epona anymore. Since you can't use a sword, take out your hammer to attack. There you are - you've just turned OoT into a FPH (First Person Hammerer)!
Tip: There are a lot of interesting effects with this glitch. If you save and quit, the Master Sword will be automatically put back into your inventory and equipped; so if you want to play around with this glitch and be able to save safely, just go beat up Ganon and warp after he knocks MS out of your hand once again. The cutscene toggles a flag, so when you enter it without MS it will actually add it back to your inventory, without equipping it. Now you can save and stay Swordless.