I was thinking that there would, like in any other Pokemon game, be a limited Dex. So not EVERY Pokemon is available. And I was playing TP today, plus it's one of my favorites, so I remember. Forest Temple does suck in that game, but I completed that part today. And you get the Boomerang in there and you cleverly use it to send gusts of wind around and bring bomb bugs into rocks or into the mouths of enemies. That being said, I think aside from some Pokemon items being in the game, some Zelda items, like the boomerang, could be implemented. But seeing as most Pokemon can do what dungeon items can do, it'd be tricky to figure out what's needed, unless you use the items in combination with Pokemon abilities. That's something not in Ranger, or any other game, that I can think of (hold items don't count, I mean items in conjunction with Pokemon moves to create physical change in a dungeon).
And definitely on a console haha. I feel like it would be limited if it were on a handheld console, even though Ocarina of Time is great on 3DS which is obviously handheld. But now that I've said that, it might work on like...some future handheld haha.