Ugh... The more I think about this timeline thing the more it pisses me off. Its like they just made this flax up just because fans wanted it to be so.
The major flaw in their design of this "timeline" is that its not really a timeline at all.
The fact that Link either lives or dies in OoT wouldn't somehow magically create some ripple in space time where one event or the other creates a new "timeline". NO, its either "Link Lives" OR "Link Dies". No matter which event were to occur, time would commence straight as an arrow from that point forth. No magical new timeline would be created just because one event or the other occurred as there is no time travel occurring at the point in which Link lives or dies.
What Nintendo have really created is a "possibility line", which lets admit, they can do anything they want with just to shut up maniacal fans of the series that wanted something official.
/end rant