I think its a great idea, and that it would fit easily in a Zelda, because these sorts of items have existed in the past. Many different items like this have been around. The Cane of Somaria, The Dominion Rod, and all sorts of various magical items. In many of the two dimensional games, Link was able to shoot beams from his sword. Done well, an item like this could really compliment the abilities of the Wii-mote.

__________________