Bioware games are typically about a character you make, not a character they bring to you.
As I said, if they replace Link with a character creator, that's it. He's dead, he's gone, no amount of "reincarnations" will ever really bring him back.
Now, here's my issue with the whole thing. 10 years ago if Nintendo had come out on their own and they said they'd make the next Link female, I wouldn't have had an issue with it. I've never believed the games to be "100% Zelink", so it would have been a non-issue back then.
The problem is, Aonuma and the rest of the devs clearly do not want it. They've also said clearly that if they *did* have a "female option" that it wouldn't be female Link. To them, Link has always been male, always will be. So what if they feel the change is forced on them by society, politics, what have you...?
Link to a lot of these media hack types is a trophy, something to be conquered. THAT is the issue.
It is simply not the same as Pokémon or Animal Crossing or Skyrim. Pokémon has always been about the critters; that's why it didn't matter who the player was. There are also plenty of games where you play as yourself. Legend of Zelda, on the other hand is told in second person, where a character is enforced on you. It's a different experience, and if we replace Link with a character creator, we lose him for another Skyrim. I play Skyrim for Skyrim, not Legend of Zelda. Also, keep in mind they already tried the character creator thing years ago with "BS" Zelda, not to mention replacing Mario and other characters. That faded into obscurity while the characters as we know them remained.
Honestly I think all this is moot and a result of media spin either way. Look how quickly "a playable female" turned into "OMG LINK CAN BE A GIRL!" I find it believable that there might be other playable characters, female or otherwise, as this has happened in other games already. (Spirit Tracks, a tiny bit in Majora's Mask and Phantom Hourglass, Hyrule Warriors, etc...) Also, watching my husband play through Quantum Break has given me other ideas on the concept of playable characters, as you also play as the villain at certain points, choosing the adventure the hero is about to go through.