I don't know if this fits in the Mature Discussion...
And no, I would not like a gay Legend of Zelda character. That would be strangely unfitting as the franchise primarily appeals to a younger audience, the majority of which is not prepared to acquaint themselves with such sexual orientation.
If they are old enough to deal with straight relationships, they are old enough to deal with gay relationships. They are essentially the same and making it out to be something different to a child only encourages more misunderstanding and prejudice. That's like saying we shouldn't allow white kids to play games with black characters because they aren't ready to acquaint themselves with a different race.
Either way I don't care if Zelda ever makes a gay character, to be honest I don't think the developers even think about their characters sexuality when they make them. I don't think they should start now.
Basically, you're making the argument yourself that only whites play Zeda, which is completely false. Anyhow, sexual orientation is an entirely different matter than race as one is a former problem, which garners significantly less controversy than it once did, while the other continues to make headlines day in and day out.