I think it is perfectly possible to get That Zelda style. Of couse some 3d could help, for doing smooth animation and more effects, but, pre-rendered/prepainted sprite can do the job, helping with construct's bones, light, normalmaps tools. I can remenber that in Diablo 2 was a pseudo3d effect options. Do you think that it is possible to get that effect?
But in general it depends more on graphics side.
I can do the graphics... any voluntary for programming it