A neat little idea that wouldn't work in practice but is still a nice blog anyway.
See, The reason a Zelda MMORPG wouldn't work is the same reason SWTHOR didn't work and Runescape doesn't work and Fallen Earth and LOTRO and all those other MMORPGs nobody has heard of didn't work because World of Warcraft already exists and is/will always be the best MMORPG until a game can completely redefine the genre of MMORPGs and change core mechanics. Which nobody is going to do.
I am quite fond of this idea. Only the fact that Nintenderp has copyrights on the franchise is preventing me from busting out my copy of the Unity engine and making this a major project.