I actually heard that Ice Climbers are still in... I forget where I saw that though, so I can't post a link to the source. *shrug*
I think if Young Link is really not included it shouldn't matter.
The new Link which seems based off of Twilight Princess is supposed to be Link as a teenager, or young adult... so...if there was a Young Link... would that mean that it would be drawn like the kid Link from "Wind Waker"?
Seems like it would be a funny add-on
If not his base costume, perhaps an extra.
Hmm all there is for now is speculation..
None of the info we hear (unless official from Nintendo or the team working on the game) is really to be taken seriously.
Either way, should be a great game when it's out!