Looks pretty good so far. The melee is rather well implemented. Component based spell casting is interesting, although in the end it's just Zelda items with better swapping.
I thought it was soulful at first, but the outright Zelda 1 copying ruined it for me. I love especially the gameboy games, and I would like to see a different level design.
For the most part enemies shooting projectiles while in groups aren't quite fair. Except for mermen, those should be thrown at only 8 directions to let you position yourself ahead of time.