If shiek is removed, and I think she will be, Zelda's moveset will be dramatically different. The three magic items (Dins, Naru's, etc.) haven't been around for three major console releases, a handheld, and some more minor appearances (four swords). Not a chance if Shiek is no longer considered important, Din's Fire and the like will be.
I would expect a moveset centered around a lot of magical projectiles, and possibly including the sword she is seen with in TP. Her light bow and arrows may come into play, which seems a bit too similar to Link's, except that whatever it looks like, it's still going to be a projectile, and would probably work much differently. I would expect some TP-related moves that were never really seen, like some basic light-based abilities as well.