I don't know how well a 2D game would do in 3D. Also I'm biased because I hate LttP.
It's why I say reimagined, it'd take more time than what Nintendo is doing with WW HD but it would be a lot more interesting. It would really just be taking the content in LttP and presenting it with the design they do with every 3D Zelda.
I would actually be more interested in HD LttP over WW because WW will always look pretty good regardless, LttP is 20 years old and could get the Four Swords treatment to look great. Funny thing is Four Swords is outdated by today's standards so they could make something better than that.