I know the hat is not as large as the cap, but the hat just looks wrong.
1) It should be a lot larger
2) The hat has a different perspective then Link.
3) The hat looks as if it is plastered against the back of the head of Link.
Remember that you are looking in a downward angle at link. You see a lot more of the top than you would see in a side view. Thus you would have to make a view that looks a bit more at the top of the hat.