Zelda doesn't have enough plot and dialogue to be a movie, really.

But then, I can think of a way that Shadow of the Colossus could be made into a stellar movie, and Zelda would be as well using pretty much the same formula. Little dialogue at all, just the hero going from point A to point B and slaying the fearsome beast with a lot of pretty scenery and sets in between.

Colossus would probably work better since it doesn't have a dungeon involved.