I've seen wind waker style pony art done by and and most of it is just like the official art of the Legend of Zelda series. The Zelda Toon Style seems to go well with MLP art so why not incorporate it into the Zelda universe?
I don't know why anyone would want to do a crossover of anything with ponies, tbh. I've seen so many pony versions of game characters and it doesn't come across as impressive to me, atleast. And it annoys me sort of when you see an epic character like Kratos made into a mentally deficient looking pony! Lol