First, I'd like to point out that this theory is impossible. Based on the stories of the various games, most of the titles are dependent on another tale. It makes sort of a chain, or what we like to call a "timeline". Not to mention, the devs have stated that a timeline exists, which rules out this theory as possible. However, I will simply use the individual stories and aspects from the games to show how this doesn't work.
The Legend of Zelda had Link going about Hyrule to gather the pieces of the Triforce of Wisdom which Zelda had separated and hid all over the place. Link's goal was to do this, defeat Ganon (which he obtained the Triforce of Power from), and save Zelda. Pretty simple. This is also basically the overall theme of most main Zelda titles. However... Zelda 2 was a direct sequel to LoZ. Its story was a continuation of the first, so its impossible for these two to be the same Legend retold.
A Link to the Past was written as and promoted to be a prequel to the original two games. Since LoZ didn't have much backstory and just kinda started randomly, ALttP gave players a backstory to the Triforce and to Ganon. Also, ALttP was set during a time "when Hyrule was one country" as it states on the box or manual, I don't really remember. But obviously, Hyrule is split between LoZ and AoL (LoZ takes place in South Hyrule, AoL takes place in North). Again, this is a completely separate game based on its backstory and obvious placement to the originals. So, even though Ganon is there, even though you have to rescue Zelda, it is a separate tale. Therefore, it cannot be the same Legend either. Link's Awakening was a sequel to ALttP and obviously wouldn't be the same Legend because it begins after Ganon has been defeated.
Ocarina of Time, you also have the generic tale of Link having to save Zelda from Ganon. However, this story is clearly a separate tale from the others as it is actually showing the backstory of Ganon even further. Where ALttP mentioned Ganon once being a man named Ganondorf, OoT shows Ganondorf as the primary antagonist, as a man. Obviously here, you have a tale older than ALttP and is reliant on ALttP to show that it is an older tale. ALttP is reliant on LoZ to show that it is an older tale, so they are all separate. Majora's Mask was a direct sequel to Ocarina of Time, a side-story involving Child Link, which is quite obviously a different tale altogether.
Wind Waker and Twilight Princess are reliant on Ocarina of Time as a starting point. Wind Waker plays off the Adult Timeline ending of OoT, while TP plays off the Child Timeline ending. Each game is its own next generation of Link and Zelda, but Ganondorf follows the same path he would have during OoT, which is how he ends up how he does in WW and TP. Because WW and TP are reliant on OoT, they cannot be the same tale as any game so far.
Phantom Hourglass is a direct sequel to WW, and Spirit Tracks is reliant on what took place in WW to even occur. So that rules out PH and ST as possibly being the same.
The Four Sword games are sort of separate. We know that MC, FS, and FSA are all different games, as mentioned by FSA's intro. They work in that order as a series. FSA is arguable as to where it goes, but I like to place it before ALttP. That is not so important though. What is important is that MC and FS both involve a different antagonist altogether. FSA introduces Ganon as the new main antagonist, who was actually Ganondorf (man) prior to obtaining the Trident. I guess you could technically consider this a variation of the overall tale, though at this point, doing that would be kinda rediculous seeing as how all the other games are not the same tale.
The Oracle titles are reliant upon a previous defeated Ganon, since the whole point of those games is to resurrect him. Also, they take place in a completely different land. However, because Ganon is dead, this cannot be the same tale because another would have to come before it where Ganon was killed.
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As you can see, most ever game in the Zelda series is reliant upon a previous game to even be able to exist. Every game cannot be a retelling of the same events since each has a different story, a story that can not exist unless another, previous game, took place. This creates a chain. Game C exists because Game B happened, and Game B exists because game A happened. This continues throughout, the chronilogical releases not going in order but placing things in different places. So even though Game C might come out, then Game F would come out next, that doesn't mean Game F can be the same as Game C. It means that there is a gap that will eventually be filled where Game F is reliant upon Game E to exist, and E is reliant upon D.