This (the time shifting in OoT) wasn't a process that started with the objective of creating an epic story; rather, it was a process in which the gameplay elements gave birth to an epic story.
Miyamoto has said similar things throughout his career, about gameplay elements driving story creation, and it strikes me as rather similar to the approach of movie companies like Pixar: create an engaging thought experiment, and then explore it until a story emerges.
My question is this... do you think that Nintendo has succeeded in generating interesting stories by this method, as of late? Personally, I thought that Metroid:Other M was not compelling in this regard (perhaps because it abandoned the formula, but that's up for debate)... and I am hard-pressed to think of a recent big N game that captivated me to the extent that Ocarina did. But maybe I'm just getting old and losing my memory... anybody that can help refresh me?