Woah! Old school! This brings me back. The original Legend of Zelda was the second Zelda I ever played (first was ALttP) and it holds some fond memories.
So, is this going to be pretty much just like the first Zelda though? What are your plans to bring something different/new to the table? And why not just use Zelda Classic for this? I'm not sure if Zelda Classic allows for stand-alone games to be made though, it's been ages since I used it, so I figure that it might have been added in since I last used it. Maybe not though.
Whatever, good luck. :3