The thing about this is that Zelda has so many things she can do in HW. Rapier, Baton, and Dominion Rod all have their own styles and picking & choosing from this arsenal in order to make her into a smash character would be difficult. Which weapon do you use for her smash incarnation? Should it have some mix of all 3? What mix does this character justice? Most importantly, for the people that played and loved her in previous installations of smash, changing her completely like that would do an injustice to fans of the character. This was part of Sakurai's thought process in changing/adding/cutting characters for sm4sh and completely overhauling a character like that would probably be against what Sakurai wanted to do with the roster. A small example of this is Samus who was absolutely not overhauled in this iteration of smash but had one move swapped out for another. As an avid Samus player myself, I loved her nair in melee and even in brawl when she was garbage. The new nair they gave her hurts me inside and that mistake alone makes me question how much I want to use the character (Right now, she's still my secondary but my Zelda is miles better than my Samus for more reasons than just the change to her nair).
However, at the same time, Sakurai did something very similar to our favorite turtle, Bowser, and I haven't heard any Bowser fans that absolutely hate that their character was overhauled like this mostly because Bowser is just plain better now that he's been overhauled. The solutions that Zelda needs may very well be addressed in executing this hypothetical new toolkit as well. Punishable moves? Give her the rapier that hits multiple times per attack and is really fast. Lack of projectile pressure? Give her the baton whose strong attack and Combo 2 are powerful long-range attacks or give her the light arrows as a special instead of a final smash (Tone them down obviously
). Lack of spacing tools? Give her the dominion rod which basically gives us a huge Luma.
Solve all of these problems just like this? Zelda would be powerfully broken.
So, I guess, to answer the question: Seeing an iteration of Zelda that is based on HW would be exciting and I'd probably enjoy playing that iteration of Zelda but I also don't want to completely lose the one we have no matter how much other people think she's crap. On a side note, I'm curious why Sakurai didn't reference HW for his design choices in sm4sh (granted, HW isn't canon) since he used other games that hadn't come out yet (and still aren't out) for his design choices with stages and characters. Yoshi's Woolly World isn't out yet but there's a stage for it. Sakurai had been working on Greninja long before Pokemon X/Y came out. Why not HW?
On another side note: I like Zelda's appearance in sm4sh more than her appearance in HW. Just personal preference.