Quest Master is a new game by Skydevilpalm and Julian Creutz looks like a Zelda Maker where you can design your own dungeons and then share them. Hopefully their sharing ability is a little more robust than what Nintendo did with Mario Maker. No release date yet, but apparently a demo is coming soon.
Nintendo lawyer : Now that looks like a job for me
Don't think so. It's name isn't anything like a Zelda game, the main character doesn't look anything like Link and it doesn't re-use any Nintendo assets. This isn't like AM2R where the devs blatantly used characters, settings and story from an existing Nintendo game. All this really has in common with Zelda is its general gameplay concepts, and you can't copyright those.
Really, this is the approach more fan-games should take.