Yay! Redding! Wheee!
Anyway, I think you should really wait until Phantom Hourglass is out. I mean, yeah, you could make an engine and all that, but you don't know how the engine will work, the mechanics of the game. It would be pointless. Maybe you should take in the interest of working on a game that's already released, or even your own idea for a Zelda game. You could do Majora's Mask 2D, or Wind Waker 2D... But please, don't to Ocarina of Time 2D...