1. looks okay so far (the first screens were not as good as the last one)
2. i think you will get copyright problems. So it might be worth to go on. Noone will care right now, but if you somehow really finish this project, you will get big troubles
3. one of the reasons why i love LTTP all over the other zelda games, is that it was 2D (i know there were other 2d games, i just said it is one of the reason) and i dont like 3D remakes that much.

Wish you all luck with your project