Welcome to Pixelation!
When working with a palette restriction, its artistically helpful to re use colors based on their brightness rather than hue.
You're right, the colors on Link have a material identification.
Green = clothes
Peach = skin
Black = edges + forms
But they also have an order of brightness.
Bright --> Peach -> Green -> Black --> Dark
Light is what allows you to visually understand what an object is.
So adding strategic hints of light and shadow using the available colors, even if re used or pre indentified, adds clarity and volume to the image.
Even when not using a palette restriction, you will find that relative brightness overrides hue in art.
Same with real life.
Your friend Steve is still Steve under a blue light.
Play around and use it to your advantage.
Lastly, its fine to study what pleases you, but just start pixeling now.
Enjoy your time here and happy arting.
Logged
And knowing that it is, we seek what it is... ~ Aristotle, Posterior Analytics, Chapter 1