Theme can be licensed or not. What game would you make?
I know I have seen sketches of a Zelda based game on the Stern forums. I had always thought this would be a great title to create. I love the music, characters, and setting of the game. I think it could be an impressive game if executed well. I would set it up like one of the original titles, where you would have game modes to unlock pieces of the triforce. You could also have "quests" to upgrade your sword, and collect items to unlock additional game modes. I think there are ton of possibilities.
Just thought it would be interesting to see what others had in mind?