I think it'd be too confusing to use different characters for all the peices. I mean keep Bishops the same, keep Knights the same, don't have 2 different characters on one side for each Bishop, or else you'll be confused as to who is who.

If your making it to be instantly recognisable as a Zelda inspired peice, then keep the lesser known characters out. And to keep it obvious as chess, make the peices resemble the originals more.

White
King: Would have to be Link (Adult)
Queen: Princess Zelda (Adult)
Bishops: Old Man (the hooded chaps from the 2D games. Bishops/Sages makes sense)
Knights: Epona (does it need a rider? Traditional chess is just a horsehead)
Rooks: Hyrule Castle (Would make sense as a castle shaped peice)
Pawns: Faires (not Navi esque but instead the ones from the GB games)

Black
King: Ganondorf
Queen: Koume/Kotake (they're both the same in appearence anyway)
Bishops: Wizzrobes (WW or classic style)
Knights: Lyonel's (from GB games (Keeping horselike))
Rooks: Ganon's Keep or Ganon's Pyramid from LttP (again castle like)
Pawns: Octorocks (or some other basic enemy)

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