The game is just as emotional and epic after you meat it multiple times. Even though i'm only on my 2nd time playing through it and I've had it since it came out. It's just still as amazing to me.
The Master Sword is like the iconic weapon in the Zelda franchise, so it would be important to have it in. But, I do think it is possible to have a good Zelda game without the Master Sword.
It might be possible for Majora to have created the children. Like how Link used the Song of Healing on the bosses/"dying" races to get masks from them. Maybe Majora reversed that and turned the masks into something, and the Mask salesmans face/body could just be in its memory creating the...
I always wondered how the Goron got the mask. SO it would make sence for the Goron to be Don Gero. But I also find it weird for him to just be "chillin" with his own mask on. I don't know. I thought it would be wierd.
The first game I remember playing was Phantom Hourglass on my DS when I was like 10. Since then I've played about every game except for WW. (never owned a Game Cube)