It's called Adventure Craft, and it's a bit rough round the edges, but man. I think I could get into this.
At it's simplest, Adventure Craft combines the look of A Link To The Past with Minecraft's crafting and day/night cycle. On some level it looks a little clunky and unfinished, but there's a certain charm in it for me. I like the idea of transporting those well-established crafting mechanics into a top-down SNES-style RPG. I'm down for that.
Adventure Craft is currently on Kickstarter. It's asking for an ambitious amount of cash ($150,000) of which it has presently received $371. I'm guessing it might not reach its goal, but I'd still like to play it.
And the good news is I can play it, and so can you. An early version of the game is currently available at the game's official website.