I think it would be cool if Nintendo when back to the hero of time Link and created a new adventure for him. Granted, I don’t want it to be a remake of Ocarina of Time or Majora’s Mask, but a whole new story with some exciting new gameplay! What do you think? 

In b4 everyone votes "C."

that would be an awesome game.

I said B.  I think each iteration of Link should have at most 2 adventures.  Two perilous, world-saving adventures is enough to ask of one person.  You start moving into the realm of unbelievability if the forces of evil don't regroup and lay dormant for a few generations after being bested twice by one person.
 
And now, I'm going to totally contradict everything I just said by saying I think it'd be cool if they made another sequel to the original NES Legend of Zelda game and use that Link (which would be his 3rd adventure).  Except he'd be older (late 20's or early 30's or something).

I'd be down for seeing an old link return. They could take the opportunity to tell a story of what happens to older links, which hasn't really been done before, Does he spend the game becoming the skeletal warrior in Twilight Princess? Does he suddenly jump forward in time? They could do a lot of interesting things with the character. 
 
Would they though? I dunno, probably not. Hope so though.