Honestly if I'm Nintendo, I'm saying you're building this from scratch with whatever ideas tickle Mr. Miyamoto's fancy, we're not going to be treated like some B-rated attraction. Harsh maybe, but hey they probably now easily have that kind of pull with Universal. Now maybe they won't do that, but if I was running Nintendo that would be my POV.
Why settle for some redressing of some attraction that you had nothing to do with. Maybe some of the stuff just by coincidence can be re-used.
The other issue here, if I'm Nintendo I want a Zelda attraction not just in Orlando but in Japan and in the Los Angeles park too. So the issue with building kind of a half-rate knock off is you probably then have to re-create that in other parks, probably just a better idea to build a completely bespoke area that you can then rebuild in other parks around the world that you're really happy with.
Lets face it, right now, today, every studio exec at every major studio would bend over backwards and kiss their rear end to have the movie rights to Zelda and I'll tell you this, if Nintendo sold the rights to say ... Disney, I think Disney would commit to building a Zelda area at their parks. Now maybe Nintendo will compromise on this, but I kinda would ask why do that if you don't really have to.
Now maybe Universal will counter with "well we'll just retheme this as a Zelda area temporarily and then later make a full blown Zelda area from the ground up" and you compromise there. Still I might not go for that if I were in Nintendo's shoes.