That's like asking, "would a 16-bit Super Mario 64 be as revered?" It's so hypothetical that it's pretty much impossible to know the answer. A 16-bit Mario 64 would have been an entirely different game. Its nature as a 3D game is part of its identity.
That's part of my point though. So many people put OoT up on a huge pedestal and I think half of the people don't really know why. They are falling into the hype of it. It really does seem to be that most believe it wouldn't have held up as a 16-bit title, and that it's high praise is due to it changing the face of video games at the dawn of the 3-D revolution.
So, it kind of confuses me when there are very young players out there who did not experience this title first hand at it's original release who praise it for being the best game there is. If people don't think it's the story or graphics or music that set it apart from the titles before it, then just why are they giving it so much praise?
If I were told to play TP and then OoT afterwards, having never played a 3-D Zelda before, then I would praise TP for being the better game. Yet I often see young gamers saying OoT's the better one. So maybe there's some element of story that makes OoT a winner over TP in that respect, but in terms of 3-D gameplay, TP's more refined.
Back to the original comparison, maybe it's apples to oranges to compare a 16-bit to a 64-bit title, but if ALttP wins out in story, then really why are so many people putting OoT on a pedestal that they don't truly comprehend?
I suppose this makes it look like I'm bashing OoT, which I'm not. I was there for it's original release and played it first hand. I grew up with less-than 8-bit games and followed the trend through to today, so I saw first-hand how revolutionary OoT is. But in terms of playing it as a retro-title, it really doesn't hold up.
Maybe I should begin a new thread about this topic then. I'm not trying to dethrone the champion, but am more trying to understand the confusion behind 2nd generation players giving it the praise they might not fully comprehend.