Well sure, Link is my favorite character, and Zelda is by far my favorite game series, but I don't think I'd quit if link were removed (which will never happen, since link is one of the largest Nintendo characters alongside Mario and friends). I've been a spacies main on melee forever and still use them constantly even on PM.
I'm just glad that Link can finally be a viable and fierce competitor. Seeing what he's capable of and being able to use him effectively even against the old melee top tiers, and his ability to bop a good chunk of the roster is very refreshing and makes me want to learn the character even more.
If he weren't viable, I'd still play him casually. I played link casually on melee as well, but he was just never as capable a character as the old top tiers. But that's what I love about Project M. Giving every character a sense of balance and effective power frees players to play who they want rather than the statistical best to be successful.
There isn't any sense of inferiority with most characters now, so character selection can be much broader.