It was revealed in an interview Miyamoto gave to a French website that Link's appearance was, like Mario before him, influenced by the NES's graphical limitations. Miyamoto wanted Link to be easily recognizable, and able to visibly use his sword and shield. The weapons were thus made big and easily visible, and Link was given his trademark pointy hat and long ears so that he could easily be distinguished from his equipment despite the sprite's small size. The pointy hat and long ears, in turn, reminded Miyamoto and his team of elves, most notably Disney's Peter Pan, hence the decision to color Link's outfit green and make his design more elf-like.
From the same interview, it was also revealed that Link's name came from an early idea for the series: the Triforce was meant to be a bunch of electronic chips that the hero would collect by travelling between the future and the past. The hero was named "Link" to symbolize the fact that he was the Link between the time periods. Even though the series ended up taking on a totally different approach, the name "Link" stuck ever since.
Beam Me Up, Scotty!: Variation. It's not with one quote from the game, but rather the title of one of its most famous music themes. Princess Zelda's Leitmotif is officially titled "Zelda's Theme", but most fans know it as "Zelda's Lullaby". Although that name was used, it only referred to a very specific version of it: the ocarina tune in Ocarina of Time. The "normal" version got the former title, and was used in later OS Ts, like The Wind Waker. However, since the latter title appeared on screen every time the player played it in Ocarina of Time (the most popular in the franchise), it's not so strange most people know it by that name.
Fan Nickname: Most of the Links have one out of necessity. Usually its an abridgment of their hero titles (fanon or canon) - Wind, Sky, Time, Twilight, etc.