It's funny. I've actually been thinking about a reboot to the series where Link doesn't exist and Princess Zelda was the hero. My idea includes all the classic gameplay in modern Legend of Zelda games except you play as Zelda and there are RPG elements present as well so that she isn't locked into being a warrior. No, you would be able to develop her as you want and classic spells like Din's Fire would have different versions. For example, if you build Zelda as a mage, would have multiple spells that are variation of Din's Fire. Or, you built her as a rouge, she would wear light armor and attack quickly up close or attack from a distance with arrows. Point is you be able to build her the way you want while still having all the elements of a classic Legend of Zelda game. Think of a modern RPG with LoZ type dungeons and Zelda is the hero.
These are my thoughts for a reboot. Nothing more.