From the looks of things you fog is the wrong color. Along with the trees for the background. Try this for your fog color (R = 200, G = 200, B = 150, H = 60, S = 25, V = 78) The skybox is also wrong. You made yours bright sunny day, but in the game it was a overcast sky. If you are going for a remake to look the same these would be the areas I would fix to give the feel.
I think that if you have access to it, terrain shaders. Also there is a free lightmapper that would bake all your details and save some processing power.
For the waterfall, I would add a plane with the water shader to the particles to give a fluid look.
The last thing I would change is the grass. The movement that you have shows that it is windy. I would bring it down to almost not noticeable.
I think what you have going here is great and with the proper shaders and colors it would be a great game to play. I played this game so much when I was younger that I could pretty much still play the game without a walkthrough guide today. I don’t know if you have it or not, but this site has some good maps for what you are going for. http://www.vgmaps.com/Atlas/N64/LegendOfZelda-OcarinaOfTime-Present-KokiriForest(Top).jpg
I hope this helps.