I would have to say no about this. Leveling up is just not... Zelda. I think it is perfect how it is now, and I don't even think the stat upgrades would be a good idea. I don't like level up games that much. It's tedious to have to get how many ever experience points you need to get a level up.

I like Link to be at one strength throughout the game. With the exception of him becoming more powerful with new swords. To me, it shows how much skill a player has, other than leveling up to the max level and killing enemies/bosses/Ganondorf in one hit.