On the contrary, empire and conquest being universal evils is hardly political or controversial at all and I think a game that puts Link and Zelda as plucky rebels in a quest to stop her wicked stepmother that usurped the crown from assembling the eight pieces of the macguffin cannon and using it to conquer Hyrule's neighboring kingdoms in the name of the supposedly superior Hylian race would prove quite popular indeed.
"The Hyrule Fantasy" might be too broad a title for such a game, though. "The Legend of Zelda: Macguffin Cannon," though...
I would counter by saying it would be more interesting if Link were the plucky rebel and Zelda were part of a monarchy firmly entrenched in the colonialist system. Put them at odds with the hope that they find a middle ground.
I personally stand by "Link Banishes Ganon Again" as a title. You can just put a number after it and boom. Updated title for each game.