An 8 bit Link costumes sounds like a good idea, and making it out of cardboard even better, but here's the problem- if you don't walk around sideways all night everyone will think you're just some crazy guy with cardboard attached to their clothes!
This is how your night would play out -
"what are you supposed to be?"
*turn sideways and pose*
"oh, I get it now, you're the guy from Pitfall right?"