- Link moves really slow. He should be moving like 2x faster or even more. It is hard to play games when you don't feel like you are going anywhere. 
I was worried about this... I originally had him move twice the speed he moves at now, while slowing down to his current pace when he had the shield out, but having him move faster made him feel "unrealistic", if you understand what I mean? But then again, this is a game and not reality so maybe it would be better... Or perhaps even having "Pegasus Boots" obtainable early on which act as a hold this button to run, similar to the Pokemon game remakes?
- It seems strange to play the enemy hit sound effect when cutting down grass and bushes. All it needs is the bush sound effect. Also some of the sound effects seem too loud and overpowering (The enemy hit sound effect in particular).
Heh... That's actually a mistake that I overlooked. The grass was originally rewritten from the enemy code and I forgot to take it out, this has been fixed.
- When entering and leaving a cave it would make more sense to wait to change the music until you actually start in the next room the same way you do when switching between world maps.
Thanks for that, I seem to have overlooked that as well, tis fixed.
- This one is more of a personal preference, but I always like to be able to bounce rocks back at Octorks with my shield. Makes me feel more involved in the game. Obviously the original LOZ didn't do this though so it depends on how closely to the original you want to stick.
I'm trying to keep it as close to the original as possible in terms of how Link interacts with the enemies, but perhaps maybe making that a benefit of a future shield?
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I have plans on adding the Saria region to the North-West eventually as a bonus for completing the game with some extra dungeons and a story based off of a plotline used in the comics, maybe a new shield can be found around there?
Overall I think the looks like a good start, and the things I mentioned are all pretty easy fixes. Keep up the good work! 
Also. Welcome to ZFGC!
Thanks!
First of all, I want to say good luck on getting this finished. But now, for the critiquing.
Thank you!
-Everything mentioned by Aero.
Agreed.
-Everything seems to move a bit sluggish.
This is to blame on Fraps, or my PC being slow on the recording. The game itself runs at a smooth 30fps and the transitions are a lot smoother.
-The textbox text seems to dynamically wrap in the textbox (AKA you can see the words that can't fit on the same line jump down to the next line) instead of having that taken care of before the text is drawn.
This I'll have to look into, will see what I can do.
-The shadow below Link is drawn too far down.
Hmmm... I guess. Now that you mention it, it makes Link stand out a bit too much. Fixed!
-Some of Link's animation frames don't seem to be aligned properly.
Been trying my best with this, which frames have you noticed?
-Isn't the tall grass supposed to "connect" better? It looks like a bunch of random grass blocks put together.
Will see what I can do with this, shouldn't be too hard to code in detection of tall grass nearby and changing the sprite to match up accordingly.
-Why does everyone use the Minish Cap/Four Swords graphics? Can't we get something a bit more original and/or not so overused?
I personally thought there was a lack of this...
And anyhow, tis a pretty style and suits the game just right IMO. ^_^
Edit:
How's this for the shadow size?
