That. Would. Suck!
Don't take it offensive, but if Nintendo made a MMO(RPG) that would be both milking of the franchise and a bad game. You can not have more Links online! That would not work out. On the other hand, if they made a MMO, I'd prefered it to be taking place in a not yet explored time in the timeline, and with no Ganon. A new enemy should be rising, and you could play like Zora, Goron or Sheikah or something, and join the fight. Perhaps sometime before OoT, to participate in the Fierce Wars?

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Battle Character:Aronin Orino - Try Mon'Tan - Simon "White" Tails