Windwaker Link confirmed by Sakurai himself!

[CaliburChamp]

I got this information from the interview between Mr. Iwata and Sakurai. Sakurai mentions he took models, like the windwaker models and added them to the game, and the moves was incorporated from their very own games. He points out Windwaker, and Twilight Princess as examples for those character models, images, and their movesets.
This is their discussion...

Iwata
So that’s why you try so hard. Although it’s simply a case of modeling the trophies, you have to design them in a way that fans will be happy with. This must take lots of effort.

Sakurai
Right. The development for Smash Bros. Melee began soon after the GameCube was released and we had to design each character from scratch. This time, however, we were able to borrow characters from various development teams, which was a big help. Take The Wind Waker and Twilight Princess from the Zelda series for example. We were able to design the Smash Bros. characters by adapting them just as they were modeled for the original titles.

http://us.wii.com/iwata_asks/ssbb/vol5_page3.jsp

Wow! What a big hint!

 

[Levia7han117]

If you mean trophies of characters from a series, then yese Wind Waker Link is in the game...as a trophy.

He's talking about trophies.....not playable characters.

 

[Kirby King]

The context of that comment is within a discussion about trophies and their models. It's unclear whether he's referring to character models or trophies when it comes to Zelda characters.

Regardless, this is better suited for the Wind Waker Link discussion thread.