To be pretty honest, no. Look at all previous video game movies. We've had, let's see, 1 good one, and that one's basically new-born. The rest are a bit, er, bad. The Super Mario movie totally strayed from the real Mario world. Y'see, Mario games have such a general plot - Man saves Damsel in Distress - that there's only a few ways to make it into a good movie. Those ways, characterization and imagery, had little to no ways to translate into a good movie. The super mario games always had a little chubby italian plumber(lol stereotype) chasing some giant-ass turtle across the desert to save this chick that's always somewhere else. Now someone tell me that would make a good movie. And to boot, Peach, the MAIN GIRL, wasn't even in it!
Silent Hill, Resident Evil and some other horror game the name of which escapes me at this moment, all had good concepts but were executed horribly from what I've heard. I've sadly only seen one of these 3. I saw the Silent Hill movie and I thought it was good, but that's because of the creep-factor. When I really look at the movie, I see that there were some bad things about it. For example, the main character being a girl instead of a guy and she was married. That takes away the relationship that Harry had with Cybil, making for a less heart-wrenching end when she sacrifices herself. On that note, why didn't she just actually shoot the cult leader and her henchies in their f*cking faces when she had the chance? Really, there was no point, other than to pad the movie. I didn't really enjoy the scene of her burning to death so much, either. Likewise, this constant Sean Bean interruption was incredibly pointless. What was he doing, other than just padding the movie for no real reason, still escapes me. They could have padded the movie with something a little more source-considering like the phone calls that Henry got from Cheryl or the bits with Lisa Garland. Speaking of whom, she was in the movie for barely 5 minutes and she did nothing other than see the evil Sharon and have herself horribly scarred. In the original game, she became a possible love interest and that was cleverly dashed when she, well, died. More pointlessness were the Pyramid Head scenes. Can anybody say "FANSERVICE!"? Ever since SH2, Pyramid Head has been the icon of Silent Hill for everyone and their grandmother. There's NO POINT to having him around anymore. He existed in Silent Hill 2 as an icon of judgement for James. Not some hemophiliac's wet-dream. Anyway, enough ranting. Basically, on the surface, Silent Hill was good, but if you cracked the shell, it was crap. Utter crap.
Having now 2 examples of video game movies, one with talking protagonists and one without, I can safely say that another movie based on a video game series with a generic plot and a non-speaking protagonist would be a very bad idea, unless it was based entirely on one game and was followed to the absolute nth degree of similarity. Besides, they would have to make Link TALK, which would really screw things up because he's not supposed to talk. The player is really supposed to be the one talking and such. On a completely different note, no character has any real speaking outside of text boxes besides grunts, screams, and that noise every character makes when you start conversation with them. On a tangent, who would they get to play a giant green-skinned ginger who rules the darkness? Very few people are actually as tall or as, er, structered as Ganondorf. Now, I just know that if they do make one, it will be a deviation from the main games and have some incoherent padding and possibly involve some really unimportant references to different games in the series. I'm against it, honestly.
TL;DR - Very bad idea.
EDIT: I know these aren't the only video game movies, just the most well-known ones.