Otacon:"That's Link. He's the hero of Hyrule. That blade in his hand is called the Master Sword, also known as the 'Blade of Evil's Bane'. He also has a whole arsenal of items at his disposal--bombs and arrows, a shield, a boomerang, and a Clawshot. He's a force to be reckoned with."
Snake:"Gear is only useful when it's used at the right time and place. Just lugging a ton of it around doesn't do you any good."
Otacon:"...I, uh...I wouldn't be talking if I were you, Snake."
The key to winning against Link is to focus on close-range combat. Link cannot use his projectiles at close-range, leaving him few options. Against a single opponent, his Spin Attack is extremely risky, because he's vulnerable if it's shielded or evaded. Try to limit your use of projectiles, as his shield will render them useless if they're not explosives. If he gets the Smash Ball, get out of his Triforce Slash's range fast.