I've made some changes to Zelda that I want to see. I'm fine with her moveset, it fits her, but rather I feel she needs to be buffed in terms of the effects of her moves, and she needs a new build.
First, she needs to be heavier and faster. I know she's supposed to be this elegant poised princess, but she needs to be buffed in these categories. Her tall and floaty build can stay, she needs some sort of negative to draw back the positives.
Now, for her moveset. First, her specials. Nayru's Love is fine. The rest need to be overhauled. Farore's Wind needs to be more controllable. Instead of going in any of eight directions, it needs to be fluid. Din's Fire is abysmal, and needs to have less lag and needs to give her better approach options. Transform, I'll explain that later.
Her normal attacks need to be improved as well. Her attacks need to have, again, less lag, and should give her combo abilities. Her Down Tilt is the only move to do this so far, and this needs to be improved. Her aerial game needs to be improved, with easy-to-hit sweetspots.
Now, Transform. I believe Sakurai intends to make the Zelda/Sheik duo as a character to use together. Well, there's barely anyone that uses Zelda, as she's abysmal. Most prefer Sheik over her. Well, why don't we make it good for people who want to play as Zelda, Sheik, or both? Make Transform faster, and I mean REALLY faster. Like at the blink of an eye. This way, players will have a chance to be more unpredictable, and truly use the combo Sakurai intended them to use.
For example, Sheik can be the one who racks up damage, while Zelda will be the powerful finisher. Or you can play them separately. Either way, I feel if this was faster so much that you can use both effectively in your gameplay strategy, then the true "Sheilda" can be a powerful foe.
But as long as Zelda gets those other improvements, she should be fine, too.