Well the term realistic doesn't really apply to any art style within the Zelda series. Sure they're are the more realistic styles such as the one witnessed in Twilight Princess - this style isn't exactly realistic though. So by "realistic" I guess you're referring to the art style we saw in Ocarina of Time 3D.
OoT3D had some pretty unique visuals, of course it was similar to the original style, but it was very fantasy-like which I think suits the series down to a tee. It's not too out there like TWW/SS and and it's not more so on the realistic side of the series like TP. I won't lie, I'd love a darker style but the style seen in the remake of Ocarina of Time Is the best of both worlds and as such, it won't split the fanbase or cause a stir like some other installments.
On the topic though, cel-shaded isn't really suited to the tone of Majora's Mask in my opinion. MM Is a very one off Zelda game, it maintains the series' charm but it's also very, very different. It's a darker game and I really don't think cel-shaded would complement the game's tone. The perfect style in my eyes is the one we saw originally in OoT3D; however don't just do a carbon copy of the visual style, make it distinct to this game. So use it as a template of sorts, but maybe use a slightly darker colour palette or use darker shades and whatnot.