I have the opinion that for the future, young link can be removed (both sheik and gaondorf give plenty of representation), link can have small updates to represent the most recent 3d title, and toon link should be a conglomerate of all toon styled games, with less sword use and more item use.
People who liked the old movesets have plenty of other projectile zoner characters to choose from, as it is a common archetype.
I'm just going to note you're making some flawed statements here. Nothing wrong with the concept behind these, but...
Zoners isn't a moveset. It's a concept that creates a moveset. You can't switch to another zoner and feel like you're playing something similar alone. Young Link is a character first and foremost. Zoning is part of his moveset's design, but not all there is to it. Hell, Toon Link, who is based upon him, is played quite differentlly. This is a case of "characters are not functions". It's why many want actual echoes or alternate movesets so they legitimately play as the older version, due to too many changes for their liking. Besides that, Young Link is the only one close to Adult Link's old moveset, which some have outright switched to him over Link because of the large differences in playstyle. And that's despite Link not really playing remotely similar in any game to Young Link, due to massive speed boosts. It's just the moves changed too much(lack of a Hookshot equivalent may also be part of why). To further clarify, characters aren't simply archtypes, but they're much more complex in general and the archtype is just a word to help explain how to learn the character in itself, less so to describe every detail. Zoners aren't interchangeable movesets, especially in Smash where most clones(and Echoes) have tangible differences.
Sheik is... actually not representing OOT in the end. She's actually currently based upon BOTW(her moveset barely changed either way, so she's not really representing a particular game so much as strictly herself these days). That's only Ganondorf that does other than Young Link, and Ganondorf doesn't much represent it beyond the design either. That's a sword from the Tech Demo. Beyond that, it's not like he gained much skills beyond being a somewhat better sword user(which admittedly can be somewhat a decent nod to OOT by proxy. Ganon uses some huge swords and swings. That's what Ganondorf does as of Ultimate). However, I can understand this point in itself, even if slightly off from how the game is representing them overall. Due to an odd sense of "composite designs" and all. Like, Zelda still has OOT roots despite using a ALTTP/ALBW design.
However, based upon what you said, you just explained why Young Link should stay instead of go. Toon Link is the only one to remotely play kind of like Young Link, but if you remove a lot of sword stuff, you eliminate their only real similarity with their movesets. And regular Link plays completely differently overall. In other words, you aren't giving a similar option(no zoner is similar unless their moveset is extremely similar at best), but removing a full playstyle. This is also possibly why Young Link and Toon Link(beyond their name, and well, model being different) are fully treated as separate characters. They actually aren't identical and only share a similar role(at first. Young Link's role is now different due to representing more games). Worth noting that Young Link is also the MM character too, so he's not just an OOT thing. Albeit, the sole thing from that is like... a stage(Great Bay), which is kind of silly they didn't give MM a tad more love. Tingle tangibly counts, but was only a stage element/hazard and then returned later with his WW variant(an actual different Tingle to begin with. In fact, outside of spirits(maybe trophies and stickers?), the MM and WW Tingles never both appeared in the same Smash game, a notable bit for Ultimate. Or at least that I can outright remember).
That's the idea I was going for, it would be like byleth but actually true to the series ( I get why they did what they did with byleth and the moveset works pretty well, its just that the moveset doesn't actually represent what they specialise in in the three houses, being the sword, brawling and magic). Whereas it makes sense for link to pull out lots of different stuff because that's what he does in game.
...But all three Links are true to the series. They're using their most iconic moves, with at worst Adult Link being odd that he could use the Boomerang(however, that particular one is just a combination of all Links and future adult variants can use it too. He's already clearly taking notes from the second Zelda game alone with the particular Up and Down Aerial, and might as well be the same one from Z1 in terms of representation. There's no real hints of ALTTP or LA, though). They aren't using items that they couldn't logically use or was completely made up as a concept. They're not like Byleth, whose gimmick is outright using weapons not really iconic to them, but to represent specific parts of the Fire Emblem franchise. You're confusing "true to the series" with "vastly underutilizing their tons of unique options", which, yeah, they are.
