I would MAKE it. Just give me 10-15 years.
Until then, I think a few elements need to be known before such a thing occurs.
First off, we need to make sure Link has a likable personality and voice. Personally, I'd make him more like Simon from Gurren Lagann, complete with his dub actor, Yuri Lowenthal. Simon to me is if they fleshed out Ocarina of Time's Link.
Second, we need to make sure all of our characters are given actual importance and actually are important in some aspect, unlike the King and Spryte who were added because they wanted a good excuse for Zelda to be a princess and because the writer had some sick fascination with Tinkerbell. (I'm not even kidding, that's why she was made)
Third, cues, subtle in-jokes and dialogue from the games would be appreciated.
Fourth, good animation and action, personally, I'd look to something like Generator Rex and the new ThunderCats in terms of visuals and fluid animation. I'd say the designs should match the actual artwork for some of the games. And give us actual swordplay and save sword beams for later episodes or bigger fights. Overusing them just makes for boring "fights".
Fifth, expand on the world of Hyrule. Often I hear people defending the cartoon saying that it brought the world of Hyrule to life. Personally? I find the world underdeveloped as all we see is the castle, some forest and the underground. We learn nothing of it other than everyone uses magic. In this case, we have a chance to show how people think of the royal family, how the economy actually works, what kind of traditions and holidays does Hyrule actually have (Having Link say "Christmas" in the cartoon only asks questions rather than prove there are holidays)
Sixth, if you want to make it work, look to other works of fantasy, coming of age tales and so forth and learn from them, not something completely unrelated just because its popular at the time. (DiC tried to make the show like Moonlighting simply because that was popular, even though Moonlighting is a completely different genre and world than Zelda)
Seventh, put in the hands of people who want to make a good show and not just a cash in like DiC. As I've said before, someone like Greg Weisman would definitely work given his shows' story structure and character arcs, showing Link's progression going through dungeons, advancing in courage and in skill as well as make a believable romance between him and Zelda without going into the "Excuse me Princess" territory.
Oh and eighth... NEVER HAVE ANYONE SAY THAT LINE!!!
