Drop SMF. Go with a superior software. After working with the SMF2 codebase so deeply since its early betas, I have come to realize that the SMF Team does not know what they're doing nor do they have any sense of care for security and proper coding. You guys, even if you were updated to the latest version of SMF, are sitting on a ticking time-bomb.
Drop the CMS codebase. Its a piece of !@#$%. In fact, drop the DB with it and start from scratch. I suggest launching a new project that involves ripping assets from the Zelda series individually(and properly doing it, at that). Perhaps write a few tutorials so the users of the community can help out.
Start doing some journalism of sorts. Start creating articles that will help newbies explore themselves as developers and designers. Let community members who are experts in certain fields contribute to this as guest-writers. But you should eventually build a part of the staff that actually does some form of journalism.
As an extension to the idea above, pay more attention to your fan games that exist on the site. Review them. Give public attention. Re-visit them over time and give thoughts on the progress they've made. There's currently no incentive for people to make fangames on this site because there's very little focus given by... well, generally everybody.
Use the wiki more. And redesign the entire site, too. This layout is too outdated.
My last piece of advice? Social Networking. Facebook, Twitter, Youtube. ZFGC lacks those three. Why?
To you and Ash, this is going to sound like me regurgitating myself because I've basically mentioned these ideas at least one time along the line.. but figured mentioning them again would help.