The ability to name characters something other than the classic default name is true of several series, including most RPG series--Final Fantasy to name a particularly salient example. Regardless, those series eventually replaced their textual dialogue with voice over acting. However, I can grant you that The Legend of Zelda differs from those RPG series in that player stays with and controls only that single character for the entire game and moreover Miyamoto has stated that he is apprehensive about giving Link a voice.
That being said, regardless of Miyamoto's past statements: I honestly do believe that, with most other series incorporating voice acting that has gradually being improving along side graphics, there shall be a point at which textual dialogue will seem much too passée and outdated, especially to new, younger gamers, and Nintendo will eventually concede and incorporate voice acting into The Legend of Zelda series. They've already made concessions to that end by giving Link a voice sometime ago, albeit one that only shouts and yells when he falls etc and doesn't not yet voice words. (Although if one were to count animated series as well as games, Nintendo gave Link a voice that speaks fully even earlier.)
And if and when Nintendo reaches the point that they incorporate voice acting into The Legend of Zelda: I would imagine that they could easily make it optional, allowing the older fans to set the game so that the voice acting is replaced with text whilst allowing younger fans to enjoy the voice acting instead. (Within the game play itself at least. Cut scenes may be a bit more complicated.)