You can try to make it if you think you can achieve something significant and fun.
When you actually get down to it, the snes-era Zelda games are pretty simple - you walk around, talk to people and hit things. I bet you could probably hack together the code in about a month.
The real snag is the volume of content - lots of sprites, tiles and characters for a start. Plus most of the fun comes from the intricate (and carefully balanced) dungeon and world design.
Maybe something closer to Four Swords would work better? It relies much more on hack-and-slash gameplay rather than complicated level design or NPC interactions.