As someone who got slightly noticed by the Zelda community for drawing Zelda x Ghibli fanart I have to say I don't think Zelda would fit Ghibli's standards.
I love tloz and I love ghibli movies probably with the same intensity and because of that I keep thinking that Ghibli is too serious and arsty for Zelda lol like, besides the aesthetics, there's nothing in tloz franchise that resemblance a Ghibli movie, Miyazaki and Takahata (may rest in peace) are well known for portray their views in politics and society through their films, Miyazaki loves to talk about anti capitalistic, anti war and pro environmental consciousness topics in his stories, while Takahata liked to explore the every day life of common people, the humanity in his characters and usually portrays deep, strong female characters going through a coming of age/growth journey (also had anti war messages with Grave of the Fireflies and fictional stories with The tale of princess Kaguya, both with a strong focusing in their main characters and their personal journey, with a very sad ending I must say)
On the other hand, despite Zelda's lore being a little confusing lol I like the overall construction of its universe but at the end the overall lesson of its stories is kinda bland, there's nothing wrong with a good old fashioned tale about the chosen one, good vs evil and the brave knight saving the princess, but it's like… pretty much all? I don't think Zelda's development team ever wanted to focus in go deeper than that, like questioning the role in the monarchy like with the clan Yiga there were just a bunch of losers being annoying in your traveling, they told you they rebelled against the Sheikahs and the royal family but why? Did they have a valid motive? There was nuance there that made you think "well… I get their point, I don't think their actions have justification but I understand where they come from"? Idk give me complexity!!! I want to reflex, I want to see not only a villain and a hero but complex people that make choices and make mistakes and you see the complexity of their decisions. The only moment similar to that in the history of Zelda that I can think of is in Wind Waker where Ganondorf told us why he want Hyrule, it was for his people, it was the wind that he coveted, THAT WAS DEPTH, THAT WAS AN ACTUAL CHARACTER WITH ACTUAL MOTIVATIONS, what he did was wrong, but you get to actually empathize with his feelings of just wanting a dignified life for his people, I can't think of any other moment like that in Zelda…
Sadly, I see how Nintendo is really focused on get the money (that's why they carefully chose to make a live action instead of an animated movie) so even if there was a slightly interest in Ghibli to make a Zelda movie Nintendo would have to let the creative direction entirely to Ghibli so Miyazaki would do the thing he knows how to do which is got slightly inspired by a story of other author and then just do whatever he wants with that, and of course Nintendo would never agree to do that.
Basically what I am trying to say is that a Ghibli x Zelda movie was a dream that it born dead
