It would be totally awesome if they would make it. But it would annoy me to no end to wait for the second part to be finally released.

I’m sure Zelda has the potential for this if done properly and it would be a good addition.
But they should only go with it when they have a big story to tell which can’t be done in just one game. I mean if they just want to make a story build up for 15-20 temples and tons of side quests and cut scenes without a much deeper story and character development they can just as well make two separated games and leave it at this.
It reminds me of Golden Sun, a RPG for Game Boy Advance. The story was also split up in two parts (long parts by the way) and you were left with a big hole in the end of the first one. I was lucky that the second game was already released at that time because the game really fascinated me.
But a friend of me played the second part first and although he lacked the part of the story of the first one he could still follow it because the most important things you have to know were given by the game. He got through it nevertheless and said he enjoyed it but of course it makes more fun if you know the background to get all references.
What I want to say with this is, that it is possible to make a strong connected two parted game which doesn’t necessary require to play the first. I think that aspect would be important for a Zelda game as I think someone mentioned that one could pick any Zelda game and still get into the story without being completely confused.