No, it'd still be a Zelda game. :p
What you said about having Link set an arrow on fire himself has made me curious, though.
What could Link do without using magic, or when he has none?
Perhaps the magic-powered fire arrows would do more damage, due to being embedded with magic, duh. And he could set a tip of an arrow on fire when he has no magic, or when the player just feels like not using up the magic currently stored, and that could be used just to complete general ice-related puzzles and such. Just less powerful than a magic fire arrow, but more than an average arrow.
Of course, you'd need something that's already alight, like a lantern.
Well, quite a few possibilities, I'd say.
But I think the magic-powered spin attack should return, really. Like the fire arrows thing, it should be just a supercharged spin attack.
Still, I stand by my original thinking, I don't care whether or not magic
is in the next Zelda. If Nintendo could pull it off in
TP, then they can pull it off again.