LEGO recently rejected the second Zelda themed project, but they had this comment about future Zelda projects:
Each project that enters the LEGO Review is thoroughly considered for release as a set on its own merits. If another Legend of Zelda set qualifies for review, we will happily consider producing a LEGO set based on that project.
The contributing reasons to a decision on one project do not affect future decisions for any other projects, either positively or negatively. This means that each project related to the Legend of Zelda would be considered independently on its own merits.
Update: Legend of Zelda: Iron Knuckle Encounter has achieved 10k
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