Have you noticed that his voice is lower in SS? That's probably because he isn't wearing tights or tight pants so his ......um..... 'equipment' isn't being crushed :xd:
The stockings and undershirt are there (You can definitely see the undershirt)
And don't you think the facial hair is a better indication of age than wether or not he's wearing tights and an undershirt?
He is, in the games, a teenager/young adult, and most teenage/young adult males that I have met do look slightly feminine, so I think Link looks just fine :)