I'm very excited to see the complete collab as well ah you totally should! But ALttP is good, I'm not even halfway through but I just love the classic Zelda story, even though I do it kind of backwards but it's still so cool to see where all the references in later Zelda games mostly come from :3
I can't find simple answer to it, all forum discussions on the topic are just as baffled about the color as I am. But I believe that it's canon that Link always has had brown/blonde hair and the pink/purple color is probably related somehow to SNES graphics palette, or sprite clarity. Still, it is kinda cute heh.