Can't say I expected that question.....
I say that it all depends on how you interperet fact, and Canon. If we are to take little things, and other ideas (such as TRR or
OoT-
LoZ-
ALttP etc) as Canon then we'll end up with the timeline most of us have now.
However if we are to stick with a more strict veiw of Canon, then the timeline can not possibly work as
FSA-SW-
ALttP makes no possible sense. If we're to ignore the SW entirely then we'll end up with mostly the timeline impossible has (god forbid).
However if more recent games such as Zelda Wii, can somehow explain the gap between
FSA and
ALttP which is a giant inconsistancy (and even MORE of one if the SW occurs there) then it's possible to follow a strict veiws of Canon without messing up the timeline.
In truth I think that the most likely explenation however, is to say that we have a classic timeline and the modern timeline, and that the modern timeline simply makes to many references to a classic timeline for solid fact to come out of anywhere.
Hope that answered your question.