With ALBW Ganon is sealed in lorule even though he was exploded in ALTTP. It would work.
Not that I'm saying they should do that because it is just ****ing stupid to ignore major plot points from previous games.
I don't think we need another 'what if' timeline. Link does die in OOT because no player actually completes it on their first play through without dying so the downfall timeline at least makes sense that way. However we see Link leave the Adult timeline and there is no way they could twist it...