Probably would be. ALTTP was 16-bit, and people always thought they were making a sequal to ALTTP, which turned out to be OOT. It would still be awesome, but not as awesome without 3D graphics, because that's what makes OOT special. It was the first game to jump onto a 3D platform.
That is an epic game. It has won several awards, and is nominated by most gamers even today to be the greatest game of all time. It's one of the only games on gamespot that truely deserves a 10. I don't know anybody that hates that game, but if someone does, it's something wrong with them, not...