I cant help help because the description doesnt make sense to me. You said "Zelda like" which makes me think 3/4 overhead view, then you post a screenie of wizard fire which is 3/4 isometric view. To me the game he's decribing sounds like Beyond Oasis, but that was a Genesis game, not an arcade game. Crusader of Centy/Soleil is also a possible Genesis game answer, it was pretty much a BLATANT" Link to the Past" rip off on genesis, right down to there being chicken in town, but no one ever heard of it.
If you like Wizard fire, give Dark Seal a go.