I read an article the other day listing five video games or franchises that are just begging for a movie. The author included The Legend of Zelda. While I would love a Zelda movie, I'm not convinced it should happen.
Probably the best option, the least of all evils should a movie version of any LoZ title be made, is that the game's script writers create a brand new Zelda story and write it as a screenplay straight off the bat, bypassing the game platform entirely.
Why would this perhaps be the least of all evils? Doing it this way would ensure the story was cohesive start to finish and made sense outside of the gaming world.
Think about it. If Ocarina of Time were adapted to a movie, what story would be told? They'd probably forgo Young Link's adventures through the Deku Tree, Dodongo's Cavern, and Jabu-Jabu's Belly. But that's not right because that's so much of the setup to Adult Link's journeys in the Hyrule of the future.
So if they focus only on Adult Link, where do they focus? How do they incorporate freeing the sages, earning their medallions, and the final fight against Ganon(dorf)? They can't. They'd have to find a way of him freeing the sages, but without it feeling disjointed and like so many superhero sequels that have too many villains.
Now, if Peter Jackson got his hands on Ocarina, and money became absolutely zero object, he could make an 8 movie series, one for each temple and show the entire journey.
But that would never happen.
If any Zelda title were to successfully be adapted to the big screen, Twilight Princess and Skyward Sword are the most likely candidates. I say SS only because Girahim is such an ever-present villain and the one who sets bad guys after Link that he could more easily be made into the film's villain.
TP you've got the single object being searched for and that leads to the villain fights. Which would more easily be adapted to the big screen as well, fitting a standard 3-act structure a bit better.
I'd still be nervous sitting down in the theater no matter what happened if a Zelda movie were ever made.