Now hardcore Zelda fan and itch.io game developer WinterDrake is making a full game based on that premise.
Tentatively titled Zelda: Breath of the NES, the game will resemble the original The Legend of Zelda, only with a lot of the systemic features introduced in Breath of the Wild.
As such, there will be a day/night cycle, crafting system, and a physics engine, allowing you to cut down trees and roll logs into enemies.
If it all sounds very likely to be shut down by Nintendo, you're not wrong, but WinterDrake has a backup plan. "If Nintendo asks me to stop using their IP, I do plan to continue development with my own original characters," the developer told Kotaku. "I'm having way too much fun creating this world to just give up."
WinterDrake noted that they created Breath of the NES' free prototype in only a "few weeks" using Game Maker Studio. Right now they're looking for more developers, specifically pixel artists and musical composers.
It's worth noting that Breath of the NES wouldn't be a strict demake of Breath of the Wild, but rather an original adventure that uses many of the same system adapted to the 2D perspective. Think of it like how Ska Studios took many of Dark Souls' design decisions and applied it to the rather excellent side-scrolling Castlevania-like Salt and Sanctuary.
You can play the Zelda: Breath of the NES prototype for free on itch.io right now.