I don't think a Legend of Zelda RPG would be a good idea. Zelda is not a platform that you can just DO stuff with. It has a very precise formula that has always worked, despite our minor complaints against it. It's okay to treat Mario and company is such a fashion, because for some reason, most of the time that works. It wouldn't here. A Zelda RPG would be a major flop, first because of fan hatred before it even comes out, and then low sales when it comes out because nobody will really care. That's my prediction. And I'll say, yes, I would check it out eventually, but not when it immediately comes out.
I don't see it happening, and even if it does, I doubt it works. Unless they can pull some Mario RPG magic for it and make it the best game to date. Unlikely.