It looks better than plenty of fanfilms, although the acting is mostly atrocious, but damn.... Link's going to be onscreen for the entire film. Spend as much money as you have to on the blonde wig so he's solid to watch.
Mostly though, it's just completely pointless. There's nothing that acting out the plot of Ocarina Of Time can do that will make it more enjoyable than just playing the game, unless it's of absolute top-quality acting and budget wise. Like LOTR-quality. Other than that, why bother? I'm sure they'll enjoy making it and watching it with their friends afterwards, though, so in that respect, have fun.