It does. The minimaps have always been semitransparent. Not a big block of solid color. And the toggle would work with your screen size simply because it's obstructive otherwise. Look at the screens FF posted from OoT2D. The screen size is reasonable; not too large, not too small (like yours). The HUD is placed to the corners, obstructing as little as possible. And the minimap is still dark, but not opaque. You can still see what's behind it for the most part. If you're sticking with that screen size, either set a toggle key for the minimap, or make a full map screen. Personally, I'd go with the toggle. Then you could check it when you needed to, and when you didn't need it, you could turn it off. Your game, your choice, though.
EDIT: To further dissect your screenies. The inventory looks good to me, reminds me of LttP. But your HUD hurts my eyes. The items don't necessarily have to fit in the box at all times, but they will still look good. Commands such as "Roll" also don't fit in the box. With that, you can still see what you're doing. The main problem with your HUD is that it's too big for such a small view. Either shrink the HUD, make it hide when not in use (or set it so the toggle key hides that too), or make your screen size bigger.