Right theres been a post about this before around a month ago on the official TES ( elder scrolls/ oblivion) forums and the main issue people brought up was copyright infringments and i dont want to discuss that here because we mainly have that sorted. First off Nintendos trademarked characters Zelda and Link will not be heavily featured in the mod and also its non profit for educational use. At worst, and i mean worst we would have to change a few names.
So for general info you won't be playing as Link ( full story details check the website http://www.oldhyrule.tk/ ) but a traveller fomr a distant land. This offers some good opertunity to be on either side of the war, be it gerudo or hyrule. So far in our concepts we are de-cartoony'anising Zelda to fit in with oblivion alot better.
We've begun pre-production work on the mod and hope to get as much of this done as possible before the CS comes out so we can have a hasty release. We' ve got a good team put together with talented modelers, writers and concepters.
Now for some concpet images for our mod and eye candy
The PC http://tinypic.com/686ikm
A Zora http://tinypic.com/68yfdi
And some armour designs http://tinypic.com/5zm7pv
we got lots more but non is going to be released to the public yet.