I really like the idea of playing on PC with a proper mouse-controlled camera, the way you've done it, instead of the original GC's "push left to turn right" and no option to look up and down without going first person. Have you considered reworking the mechanics to take better advantage of the mouse/keyboard control scheme?
For example, Z-targetting was only meant to compensate for the fact that N64 had no precise method of manually controlling the camera or aiming your attacks while on the move. On PC, with the mouse, you don't need an auto-targeting system, and games like Archeblade (
example footage) show how you can have more skill-based combat by letting players roam freely while aiming their attacks manually wherever they want.
You could do the same thing with Link, for example, double-tapping A and D could do his sidestep jumps, double-tapping S could do the backflip, double-tapping W could lunge forward, and double-tapping W + left-click could do the lunging jump attack. This way you never need to change modes to do your moves, you just aim the mouse where you want and enter the commands.
You could also scrap the context-sensitive jump and simply allow Link to jump on-command anywhere. This would allow for far more engaging platforming gameplay, as players have to manually pilot and time their jumps.
This control scheme would easily translate to Xinput gampads by placing camera control on the right stick, with the attacks and other commands on shoulder buttons rather than face buttons (so you can use them while aiming the camera). I think it'd be an interesting variation on traditional 3D Zelda gameplay which really takes advantage of UE3 and being outside the constrictions of Nintendo hardware.
Lastly, it'd be great to add difficulty settings so if you crank it up, fights even with basic enemies like bokoblins are more fast-paced and exciting, like this:
http://youtu.be/vATyp-Zs4NA?t=37s