Pleasantly surprising
I must say that i normally am not a fan of sprites or video-game parodies in general because they are often unoriginal and the same as every other sprite parody out there (sex jokes, gay jokes, random humor that gets old, as you said). But this actually took the characters and gave them personalities and did more than a simple parody. Great script, well thought-out, brilliantly pulled off.
few small questions, though... it says part II, but where is part one? Is this a not-really-remake of the part 2 for your other animations? And what happened to the triforce of courage? Did it transform to the triforce of arrogance or simply vanish?, or what?