I'm really impressed, i have to say!
I'm emotionally linked to Link's Awakening, that was my first videogame and still my favourite one.
Now, i'm always happy when I discover GBC-styled projects, but... there's one thing that bothers me: their lack of GBC feeling. Unfitting colors, elements from GBA games... they all make them so unnatural.
But, surprisingly, your screenshots just amazed me: your mapping, your color choice... everything makes me feel nostalgic, as everything looks so original, Zelda-like.
There are obviously adds that couldn't be made with GBC: your message box, the shadows in the forest, the fading effect behind the menu. I have to say, I pretty much like them, as they somehow manage to fit and not to disturb me. That's just that fading effect which works a bit less, it is too "unlikely" within the rest of neat, decise graphics.
That's just my personal point of view about graphics.
Then, about the story: i personally think that storyline should be made before the game (sometimes before making graphic choices), yet I think you 'll manage to make it good from now. Just don't go too far with maps and development, this may force you to adjust storyline because of graphics, which may result even well, but also a total disaster. I experienced that, trust me.
One last thing: why did you choice a Saxophone? It sounds a bit un-zelda-ish to me, to be honest. But I guess you have your motivations. I like the "core mechanic" of day/night changing.
