Ya, a few years ago a team of volunteers started work on a fan remake of Zelda 64, the goal was to remake the game as close to the original Oot beta as possible. I think the project traded hand a few times but, I don't know what became of it. The Ura remake's still making head way I think, but I'm not a 100% on that.
The fan Ura Zelda project is moving all resources to the Majora's Mask/Zelda Gaiden engine and cannot provide an exact percentage of how far they have transferred all material. Master Quest is indeed the end result of the Ura Zelda project but many discoveries in the Debug Rom of the Master Quest game continue to be made. A few years ago, a user, the late Nintendomad, had claimed have a copy of the Ura Zelda game but shortly after the thread related to the copy was locked due to Nintendo watching over them.
If anyone is interested, I'll show you a documentary that covers many discoveries found within the Master Quest Debug Rom. I've messed around with a copy of the Debug Rom in Project64 (which I still have) that was given out by a friend of an employee in Nintendo that was outsourced with the help of a few other hackers. Many things that can also be done with the Debug Rom include swapping objects and models via texture hacking. I've done this with Fierce Deity & his Double Helix Sword and Dark Link with Adult Link using PPF-O-Matic, both models keeping their same exact textures although Fierce Deity came out glitchy.
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