The Legend of Zelda: Ocarina of Time deserves its own Final Fantasy VII Remake, where the gameplay has been improved and the story reimagined so that different outcomes are a possibility. The Legend of Zelda timeline splits at different points, all of which start with the ending of Ocarina of Time. There are three distinct mainline timelines, which either begin with Link's death, Link's victory, or Link being sent back in time and unable to protect Hyrule from Ganon.
FF7 Remake was tasked with remaking one of the most beloved video games of all time. This was seen as a monumental, if not outright impossible task, especially when it came to recreating the massive world of FF7 (which largely consisted of static 2D backgrounds) into fully fleshed 3D environments. Square Enix decided to take a new approach with the game, by turning FF7 Remake into a series, where the characters were able to escape from the boundaries of the original story, allowing certain elements to be skipped if necessary.
The Legend of Zelda: Link's Awakening remake on Nintendo Switch opened the door for Legend of Zelda remakes and there is a strong candidate for what should be next. It could be argued that Ocarina of Time is to Nintendo what FF7 is to Square Enix: two genre-defining games from the same era that even had competing fanbases at one point in time. Nintendo is currently hard at work producing Tears of the Kingdom, but once that's out of the way, the time may come to return to the most important moment in Hyrule's history.
Ocarina Of Time Deserves A FF7 Remake-Style Reimagining
An FF7 Remake-style remake of Ocarina of Time can not only overhaul the visuals and smooth out the controls, but it can do new things with the story and locations. Ocarina of Time's Water Temple should be fixed first, as even the Nintendo 3DS version of the game was only able to do so much to iron out some of the dungeon's problems, but what's more interesting is what they can do with the story. The Legend of Zelda franchise's branching timelines all originate with the ending of Ocarina of Time, which is something a remake can use to tell a new story.
An Ocarina of Time remake can also follow FF7 Remake's footsteps by including elements from games that happened earlier in the timeline but were released later. The new story could feature references to Skyward Sword and the Minish Cap, like how Breath of the Wild referenced Fi. The fact that Link can use the Ocarina of Time to travel through time means that any Legend of Zelda can potentially be referenced, depending on how far the developers want to go with the concept. Tears of the Kingdom may end Zelda's timeline at all points, and if Nintendo wanted to scrap everything and start a new timeline, then an Ocarina of Time remake that involves Link escaping from his fate, in the same way the Avalanche members do at the end of FF7 Remake, might be the best way to do it.