See, zelda is no morrowind, while I have had wonderful dreams of extreme link cosumization, I think the limited range of customizable features present in
OoT was nice.
Now, regarding swords, link is a sword fighter, andI feel it necesarry to leave the sword options really simple.
Master/balanced sword, Large two handed sword, and perhaps a fast low damage sword.
Tunics would be the same, fire earth and water, but I would rather the actualy appearance fit other cultures, what if the goron tunic was worn by other gorons? what if the sewing was really screwy, what if the goron tunic had small pads to protect from lava. What if the zora tunic looked a tad more like traditional arabic or grecian clothing.
If anything were done, we'de probably simply see a mirror sheild and permanent upgrades to link's chainmail, seeing how it's already bronze, I think perhaps iron or a shiny gold would be next, then finally we'de see a super gllimmering platinum or mythril chain mail.