I don't think Zelda should be in the first phase of SNW anyway. IMO, it's literally perfect for a LC replacement, for a few reasons:
- Lost Continent sticks out like a sore thumb in IOA; it's not based off an IP, it doesn't have any rides anymore, and the attractions it does have are a major mixed bag. It generally lacks any draw whatsoever and is really overdue for a replacement. A recognizable IP with at least one actual ride for an attraction could really do wonders to that corner of IOA.
- IOA could really need a new land. Not counting Skull Island (which honestly isn't really a full "island," just a single attraction), IOA hasn't gotten a full new area since Hogsmeade in 2010. Since then, Studios has gotten Diagon Alley AND will be getting SNW. A fresh new area in IOA is already long overdue, so if we can at least get Hyrule a few years after the Mushroom Kingdom it'd be really nice.
- Zelda is definitely an extremely popular series among video game fans, but to the general public it's not very well known, at least not to the levels of Mario or Pokemon. It's definitely recognizable, but most people just remember the boy in the green tunic and the Triforce. While I do think it has a place in the parks, I don't think it should (or will) be anything TOO big; which is why the LC plot would be a great spot for it. It's bigger than a tiny corner of the Studios SNW plot, but nothing too huge as to alienate non-fans.