Well, I have seen Zelda fangame material already out on the web.
http://www.youtube.com/watch?v=483MYafjxwk
That guy and his channel already has several models and animations for his game. He used 3D Gamestudio, but that costs $200 dollars. HOWEVER. There is a Lite-C version on their site, under the Download Tab.
You can find it here.
http://www.3dgamestudio.com/
I'm not sure how powerful the Lite-C one is, however, but it's what I could find aside from what everyone else found.