There is no clear victor here. Both are terrible and have sullied the Zelda name. To the untrained eye, the CD-i games are more horrendous, but think about it this way. The Zelda TV could have actually become rather successful if the right team of writers, voice actors and animators worked on it. It probably had some potential to be a half-decent show, but fell flat on its back because the execution was so poor. The Philips CD-i games were doomed to a terrible fate the moment work began - the budget was meager, the backgrounds were hand-drawn, and the games were created for one of gaming's worst consoles by non-Nintendo developers.
I would say they both be abolished to a bottomless pit lined with fire, then fished out so they can sit in the core of a rotten apple. Then the apple will be impaled by a stake, along with the CD-i games and the DVD copies of the Zelda TV show, and then roundhouse kicked by a 50-foot tall Chuck Norris (although we know a gigantic Chuck Norris can't actually exist, since the strength of muscles is related to cross-sectional area and mass is related to volume, therefore Chuck Norris would collapse under his own weight just as King Kong would).