I'd play it, but i'm not sure it'd be that good. oh and by the way, NO MONTHLY SUBSCRIPTIONS!!!!! sorry i just hate those. also, zelda has its own unique feel. I'm not totally sure it'd be that good. Also, unless project cafe has really good online, its not gonna work.
The only problem with that is on current gen concoles, it wouldn't work. It would melt or blow up. A real time based MMO on all current gen concoles would have very low graphics. It would have to be on pc. And most kids don't have capable computers to run it above 60fps. I don't even think that the WiiU would be able to handle it.
I'd definitely play it. The race selection and weapons would all be a ton of fun along with the unique Zelda feel. I'm not a huge fan of MMOs, but I'd definitely play a Zelda MMO. Although I would add/change a few things.
1. 1/100 Gerudo are male. A new Gerudo King is born every 100 years according to Nabooru in OoT.
2. Map select. Players should be able to choose which time period the map is from. For example, TP map, OoT map, maybe even MM map. That way more people would play because everyone would choose their favorite story. Of course, this would also change the races you can choose from. For example, Rito and Kokoroks (I think that's what they're called) in WW to make up for no Gerudo, Deku, Zora, or Goron. This would also change the looks of enemies, enemy appearances and bosses.
3. Clothing/weapon restrictions based on race/class. I'm just saying that it'd be weird to see a goron rolling around Hyrule Field in a Gerudo Guard top.
Those are pretty much the top three. Even if those things weren't included I'd probably still play it.
I WOULD play a Zelda MMO, but I don't think I'd enjoy it. Zelda isn't known for multiplayer gameplay, Four Swords, FSA, and the multiplayer games of Phantom Hourglass/Spirit Tracks were hardly played let alone even looked at. Making an MMO would only hurt Nintendo's sales and would be kinda awkward to have as Zelda is a linear storybased series rather than a branching series that can lead to any result. Of course, you could have the main story be single player and then have a noncanon MMO addition to it, but then again I can't imagine a million Links running around doing different objectives, it just wouldn't be the same. We've had 4 Links and that was understandable, many more would be overkill.
Take the upcoming Kirby Mass Attack game for example. That game has multiple Kirbys running about doing various tasks. Yes, in Nightmare in Dreamland, Super Star Ultra (and Super Star I think), Amazing Mirror, and multiple other Kirby games 4 Kirbys made a playable appearance. But it's never been more than 4, so going from 4 to a vastly larger number like 100 would be rather weird and some important features would be lost in that transition.