Whatever that doesn't limit the posibilities of the franchise.
Unlike Castlevania, I don't think they could pull off having Link do a lot of dialogue, so it would probably need to focus more on the sense of discovery/mistery/exploration and then some action, so I don't think Live Action would work that well as it'd look more like our regular world with some cgi monsters and buildings on top.
Having different styles and mediums also sounds like a nice idea if they were to make a series instead of a film.
Anime it is, I don't see any other way to make something good enough. Use BotW style a la Ghibli.
As long as he doesn't look like in the Palutena reveal for Smash, maybe. Something more flat looking that puts an emphasis on fluid animation and the setpieces could be interesting.