The first person perspective has always worked quite well in shooters, from Wolfenstein 3D onwards.
However, I'm skeptical about applying the very same perspective to The Legend of Zelda series.
Thinking back to past attempts like id's Hexen series or old school AD&D video games like Eye of the Beholder, it has been my experience that, for whatever reason, the first person perspective doesn't seem to work quite as well in fantasy games as it does in more traditional shooters. There's just something about swinging a sword or casting a spell in real-time from that perspective that seems strangely disconnected and too unrealistic and blocky in execution.
Also, I suspect that negotiating the labyrinthine dungeons and solving the type of puzzles typical of a Legend of Zelda game would tend to be more tedious and confusing than it would in the usual third-person perspective.
Now, all of that being said: that's just my intuition on the matter, and I would love to be proven wrong by a satisfying first-person Legend of Zelda game that manages to avoid all of the above!