This embodiment of OoT 2D will use no already-existing engine and no utilities such as Game Maker. While building it from scratch is slow and old-fashioned, this method of programming will grant full control over everything, resulting in a high-quality product! We hope you all like it!"
Ocarina of Time 2D is a really interesting fan project that seems to be well into development. I tried to download it to run it through some paces but it was taken down on MediaFire due to a Nintendo of America takedown notice. I hope the project lives on as this remake seems to be something i'd love to play. It mashes up the magic of the Link to the Past era graphics with the most beloved entry in the franchise.
http://oot-2d.com/

Looks cool, but I doubt it will come back. My first question when reading the title of this post was, "How long is this going to stick around?"