There has been a lot of discussion recently in the "JJP and Nintendo Need to Get Married" thread about JJP making a Nintnedo themed pin. Personally I think Zelda would be the best Nintendo theme to use for a pin. Why? Zelda has always been about exploring, quests, puzzles and adventure. Many of the top rated pins make you feel like you are on a quest and have you unlocking modes along the way. Some of those pins have Keith Johnson and Ted Estes rulesets who both work at JJP A Zelda pin from JJP with a Keith Johnson and Ted Estes ruleset sounds like a match made in heaven.
Would obtaining the license from Nintendo be a road block and would they allow it? I think yes they absolutely would. I read on IGN.com a while back that Nintnedo would be opening the use of their licenses to third parties. Proof of that is Link appearing in Hyrule Warriors which is a third party game not created by Nintnedo.
Now let's think of a Zelda pin for a moment. What would it be like? Well, the dungeons could be modes and boss battles multiball modes. Maybe their could be a POTC mechanical chest but with an LCD inside that when hit reveals items to unlock. The Zelda theme would offer a lot of possibilities for unique and interactive toys as well as rules. Maybe an ocarina could be played using the flipper buttons? Also, can you imagine a gold themed LE Zelda pin? Take my money now, haha.
As far as a market for a Zelda pin goes I think there is a huge one. Many pinball owners and operators grew up playing Zelda , many still play Zelda games and the latest games are more popular then ever across multiple age groups.
If you are reading this JJP please consider making a Zelda pin. With your desire to make feature packed pins, having an LCD system in place and having who I think are the two best programmers in pinball making unique rulesets would make a Zelda pin from JJP a hit.