No it wouldn't. It would completely destroy the harmony that is Majora's Mask.
Why is that? Is it because "Oh my god Twilight Princess is so stupid, waggle is so dumb get rid of it nintendo you're the worst company in the world!!!!!!!!!".
Actually, I am maybe the only one (or at least one of the few) that thinks Nintendo did a great thing by focussing more on user input instead of more visual detail. All that visual detail can look good, but for me it destroys a lot of what made gaming fun.
The graphics of Twilight Princess, ESPECIALLY in the Twilight Realm would fit amazingly nice with Majora's Mask, especially the atmosphere that was given off during the final hours. If just that alone could be given off from N64 graphics, imagine that with much prettier graphics. I wouldn't even mind the Twlight Princess controls (Wii version) if they decided to throw them in.
Two reasons why not:
1) The graphics of N64 games were very low, you needed to imaging the extra details yourself. And everyone imagined it differently and when the game gets a graphics update you'll always discover that the added stuff is not what you had imagined all this time. Ergo, destroying the experience and fun you had of the memory.
2) TP's graphics do not fit MM. Yes, MM had parts that looked dark and menacing and TP's Twilight area's also looked pretty doomed, dark and menacing. But the beauty of MM is that it blended the dark and menacing with vibrant and lightheartedness. TP's graphics are kind of grimy and moody. Even the parts that represent some fun, carnaval and party town still had the grimy and moody aspect in the graphics. MM had far more vibrant colors and graphics that could actually make you forget that the moon was falling. You could use TP's graphics to accentuate the dark and menacing aspect of MM, but you would completely destroy that part of the game, that let you forget that there is an imminent danger.
The graphics of TP in MM would fit quite well, same if they redid OOT.
No it wouldn't. Again the grimy and moody aspects of TP, would ruin the vibrant and lively aspects of OOT.