Although i think Zelda is vastly overrated, i still believe there is potential in this series.
- Include a tragic love story between Zelda and Link.
I'm not sure how far the romance between these 2 characters have gone, but i still believe boundaries need to be pushed to developed this romance and turn zelda and link into a fully fledged couple.
2. Include tear jerking events to pull you in.
There is a reason why movies like the titanic, phantom of the opera, Casablanca, west side story are considered the best movies of all time. They include scenes which will make you cry and will draw you into the story, not only that, but you will be thinking about these movies for weeks, months and years to come.
3. Get rid of the 2D aspect and make Zelda fully 3D
This isn't 1993 anymore, although nintendo still believes so.
4. Character development
This is pretty much self explanatory
5. Add some musical scenes into it
Music is an art, a form of expression and it can really immerse you into a scene that simple words couldn't ever do, so some showtunes or songs inspired from Aladdin couldn't possibly hurt, in fact. It would make things so much better.
So in short, the zelda series does have potential and if you can improve upon the mediocre story and add some emotion and some love and tragedy, you could have something great.