No. It would be terrible. The games are good enough stories on their own, and they have a bonus of being interactive. Why do people think that taking out the interactivity in popular, excellent games will translate into excellent, popular movies?
The Pac man movie wasn't serious either. I thought it'd be appropriate.
I agree with Andrew. A Zelda movie would end up either boring or not Zelda. In all seriousness, Link doesn't say anything... ever (except when the name was licensed outside Nintendo and everything that was done was 100% terrible). It was even a gag in the trailer (Don't speak to anyone). For a "fan" trailer, it was excellent and somewhat exciting.
Zelda games have never had in-depth stories the way movies need to. The translation from game to movie would require writing an entire story that would most likely not feel like a Zelda story. If they didn't try and write that new story, then the movie would be dull. It'd be like watching someone you don't know and can't interact with play the game. That isn't much fun (seriously, I've tried it with Matt, he gets very unresponsive while playing video games).