Legend of Zelda: Majora's Mask fan-project looks to provide a VR experience

We originally reported on the person behind this project years ago, but the project has since taken on a new direction. It's still focused on Majora's Mask, but it looks to recreate key experiences from the game in Virtual Reality. Is that enough for Nintendo to swoop in and stop the project, or far enough outside of what Nintendo would do to leave the creator alone?