[...] B1:I always equate female characters with emotions, and Link has never really had any. B2I feel like if Nintendo made a female Link, they would have to dramatically change his personality and his being[...]B4 If this were to happen, I think the focus would me too much on Link. Zelda games that have had a good amount of character depth (to me) like Majora's Mask, The Wind Waker, and Twilight Princess were never focused on Link; their character depth came in the forms of other NPCs.
B3I highly doubt Nintendo would make a female Link, ever. That's like making a female Mario. Could you imagine a female Mario? Yeah.... no.
B1: Female characters don't have to be emotional. I'll find a couple of those in the Zeldaverse: Impa (SS), Impa (OoT), Nabooru (partly, OoT), Rosa Sisters (MM, though they weren't big characters to begin with), Tatl (sort of, MM). Female bodybuilders aren't of the frail stereotype commonly given to females. Female workers aren't of the "kitchen" stereotype commonly given to females. Emotionless females aren't of the emotional stereotype commonly given to females. I realize it's what you see, and there's not necessarily anything wrong with it, but there's more to the picture than meets the eye.
As to Link never really having emotions...I direct you to SS, MM, TP and *possibly* LA. Those are some games where either hints are given at Link's emotions [MM through gameplay, LA through the whole Marin thing], or they're obviously shown in cutscenes or something. Especially in SS with any scene related to Zelda, and in TP with...pretty much the entirety of the game's cutscenes. Link has emotions. He can cry. He can get angry. He can laugh. He can even talk. A female Link would function the exact same way.
B2: But the reality of things is, they wouldn't have to change the entire being or personality. A female Link is only a matter of having to change the 3D model, hire a female voice actor (we actually already had one before; Fujiko Takimoto did Child Link OoT), and give some necessary physics for a realistic portrayal assuming the game is in three dimensions. She would still be an avatar for the player. She could still be a swordfighter [female swordfighters aren't completely unheard of; Joan of Arc is a historical figure in real life and I can direct you to games like Mirror's Edge if I remember correctly and Bayonetta; better representations still exist in video games]. Besides a few text edits, she could still be a hero (heroine if being proper which is where the text edits come into play). Female Link doesn't need extensive characterization, backstory, voice acting, or anything like that. No real changes are needed outside of physics, female voice and model changes.
B4: Once again, Link wouldn't need any focus as she would still be the same kind of character as he is. What does it matter if Link is a male or female? Does the character development REALLY have to shift as drastically as you suggest? If the main character is supposed to be a silent protagonist, that can be achieved regardless of gender. Just keep the character silent. That's all. Extensive character development for Link wouldn't be far fetched anyway; it happened with OoT to a small extent, it happened a LOT with SS (they even forced Zelda to be attached to us, seriously?!). Charcter development cannot hurt a character. Character development cannot hurt a character who has already achieved the first stages of development. It can only enhance.
B3: Uhm...Peach. Yoshi sometimes. Daisy at moments. They aren't actually a female Mario, but the same role is played by a female character. Point is, we could have a female character who is still a "Link" but isn't the Link we know. I can imagine Mario with female features, it isn't that hard. Different, sure, but not impossible.
Making Link a female? No. Just no. I can't possibly ruin the image of the Hero of Time; prized knight of Hyrule and champion of light making him a her. It ruins the whole appeal of that fairy-tale story I was told as a child when the brave knight ventures to save the kidnapped princess.
Except that it'd be a game (speaking hypothetically here) completely unrelated to OoT and the Hero of Time. How could it possibly ruin the image of a character who it isn't involved with in any shape, way or form? As I've said before, the "knight in shining armor saving his princess" has been bent to fit a female in the shining armor and she still saves a princess. It's different, sure, but it isn't far from the general idea.