Joe is a fan of VGCats, yes? XD
Links clothing probably won't get tattared or ripped apart, just judging from the graphics and such of the wii it wouldn't be a necessity at all.
Different clothing? Maybe... but it won't be for customisation, just easy recognition on what your wearing and what "buffs" the clothing'll have.
Magic? Okay, maybe, but I wouldn't really want Link to become a magic weilder, he's supposed to be an unsung warrior, to be able to cast too much magic (Din's Fire is really just a 'helper' rather than a 'spell') would make him look like an experience battlemage. :S
To be honest I think Z:TP is just an advanced version of OoT, a very advanced version though. Can't wait to play it.