I'm pretty sure they confirmed in HH or around the time of SS' s release that Geapora wasn't actually Keapora Geabora.
And, I don't think he was ever confirmed to be Rauru.
Even then...I don't know if it's reincarnation so much as a physical representation of the remains of his soul which resides in the sacred realm, why he felt the need to change his name if this is the case or how an owl was named in the first place is all rather confusing.
Either way, I do not believe it to be indicative of reincarnation in Hyrule, partly due to the ambiguous nature, and the fact that, there's nothing, as far as I remember, that outright states it to be reicarnation, and even then, operating under the assumption that Link and Zelda do reincarnate than the myriad of examples of how they reincarnate, greatly outweigh the one example of whatever happened to Keapora Geabora.
@Moonstone (was your username Sarah or did I randomly qoute someone else?)
Fair enough, I personally don't think I'd be able to play Zelda anymore if Link was changed as I'd be greatly afraid of the future of the characted, as even if there may be some difference I truly view the idea as no different than changing Mario, and thus I find it not only insulting to change him but almost series breaking. This said, I've no issue with a female Hero, while uncanon, the BS games brought forward a new character/characters who was a hero and Link isn't the only heroic person in Hyrule, so I personally feel that the right course is to make a new character, someone who's a female Link in spirit, but actually Isn't Link or a female lookalike, rather an equal, then we can have her just be an option going forward; peraonally I'd kinda like to see them rework Aryll into this concept, just have the ww incarnation not be a hero, or hell have the game where she's introduced be a sequel to ww where we play as a slightly older Aryll, this way we have a female option, a new character to explore storywise, Link's family is expanded, and since Aryll is related to Link, it'd be easy to rationalize her as existing since technically she already has a tie to Demise's curse, and hell she already mostly has the same genetics as Link so she can look similar without being a female clone.