Of course, more work. My main concern was finding the direction to head in--if Railroads wants to pick back up, I'm more than happy to pass the torch back to him.
I totally agree with Zeckron about the elegance of TP Hylian... OOT Hylian was great for its concept, but it was definitely designed with low-resolution in mind--block letters can be pulled off better than curves when looking at individual pixels.
Here's the breakdown as I see it on language (yes, I'm getting in depth with this, it was actually part of a college paper I wrote on fictitious linguistics):
--OOT Hylian is what was used in the original game. It can be reused (there is a font available which replicates the individual characters), or even enhanced (keep the character structure, but add details like serifs or curves). Problem is that it's based on the Japanese Katakana syllable structure, which makes it less "fun" for us English-speaking folks.
--WW Hylian is a sort of "middle ground" between OOT and TP Hylian. Again, it is based on the Katakana structure, but the symbols are much more natural looking. There is a font which replicates the individual characters of this font as well.
--TP Hylian is almost revolutionary, in that it ditches the Katakana structure, and uses an English transliteration system--each character of Hylian translates to exactly one English character, making it very easy to decipher words and phrases, provided you are familiar with the characters (for example, from Zeckron's screenshot above, the poster on the left starts with "Zeckron was here"). Again, a font is available for this structure.
I lean toward TP because, like Zeckron, I like Easter eggs, and I like being able to read the signs and whatnot.