I really love your choice of palette. I would be interested in seeing a video of your Link sprite in the environment using that palette. The sprite seems like if should be a little bit more brownish-green to fit with your overworld colors.
The Link sprite itself is a nice edit of Crono from CT.
You HUD looks interesting as well. As soon as I saw the gears around the item buttons, i immediately thought of a steam-punk themed Zelda game.
I'll be keeping a watch on this as it progresses. Keep up the great work!