How many times has Zelda already been rebooted, lets count the ways.
With adventures of link, it is the same Link from the original game so depending on how you define reboot, it isn't becaue its the same character just in another adventure. but the mechanics of game have completely changed. There are still dungeons and towns, but everything is all side scrolly and its weird.
Then a Link to the past. It is an all new link who lives with his uncle and is contacted by Zelda to start his adventure. Link to the past's 3 sequals I'm going to not count as reboots because they are similar both in game mechanics/style, and they are all the same physical Link.
Next installment instead of a young adult, he is actually a small boy not ready to be a full hero so they have to time warp him 7 years to be an adult. 3D graphics Open non tiled world. OoT was a pretty big reboot. with MM as its direct sequal in the child timeline.
Next WW link lives with his sister and grandmother and instead of a world we are more familiar with, we have a world covered in water that is traversed by boat. This game also has a sequel that is pretty similar so no reboot there.
After this The zelda games go in a completely different direction with the remake of LttP adding a new game, and a new story. The 4 sword, and the stories that surround it with Adventures and Minish cap. All these are different links and don't even have the master sword. And whoops its a coop game now not your normal adventure game. These games return to a topdown style but with new big bads and different stories for the sword used and link and zelda.
next would be Twilight princess which again has a new link who lives in a rural village on the edge of hyrule and there is a wolf and zelda isn't even a main character.
Finally SS when zelda isn't even a princess and link is just a dude and everybody lives in the sky, and you can fly. You even get to make the master sword. Motion controls make the game super combat focused instead of mindless slashing, or endless spam combos in games like Darksiders.
Zelda has already been rebooted many times, just about ever 3rd game is a reboot.
I think upgrading system could be better implemented. I didn't like farming for items, exiting and leaving the same area over and over again just to respawn enemies and hope they drop what I need. It's really old fashioned and isn't fun.
I think a better solution to motivate people to explore places would be to put several mini-dungeons all over the place and at the end they give you specific materials for upgrading your items. Kind of like increasing your item capacity in Wind Waker by going to each Fairy island, but instead those Fairy Islands are mini dungeons with a gauntlet, a bit of puzzle solving, and then a unique event/boss fight. Kind of like snowboarding in TP or fighting Captain Keeta in Majora's Mask.
I also think they should have more useful items that you'd want to use in several situations and even just as a gameplay choice rather than key items that are only really useful for very specific situations. For example the Hook Grapple in WW had a lot of uses and was fairly fun to play with, same with the Deku Leaf, and the Skull Hammer too. Or the masks in MM where you could change your moveset entirely. Or even just The Biggoron sword in Ocarina of Time/Oracle games, giving the player a choice to trade some defense for more offense.
In Skyward Sword I didn't like how there were few useful items. Items such as the Whip is barely usable anywhere, the Gust Bellows which is only really used against 1 type of enemy and getting rid of sand which is rare, and the Slingshot, which is just overall useless when you get the Beetle or Bow.
As for plot, I'd like to see them take a chance with sequels again. Not every single Zelda game needs to be same old Triforce legend. It's possible to have a game without Ganondorf, which for the sake of consistency, Link also doesn't need to use the Master Sword, since it's really only tied to suppressing Ganondorf. I'd also like to see Zelda as a lead supporting character for Link. She can be capable as shown in Spirit Tracks, Skyward Sword, and Wind Waker she doesn't always need to be that damsel in distress.