oh God, I hope not! easily my LEAST favorite Zelda game of all time. When I got my Wii, first thing I did was download OoT and MM from virtual console. I played OoT all the way through to the end, and loved it as much as I did back in '98! Majora's mask? Probably played for about a half hour. Haven't touched it since. Just a bad game. Nothing to do with Zelda continuity. Just did not feel like a "Zelda game".
I would rather them concentrate on an all new Zelda game. If they are going to remake one, then let it be the greatest of them all: Ocarina of Time!!
While MM is VERY different from the entire Zelda franchise, it is usually a fan favorite, and is well known for is creepiness, and bravery to try something new. And uhh, OOT has been remade like three times..