Actually, something occurred to me that has yet to be mentioned: this is a totally new version of the game, remade from the ground up. Why is this important? Because any localization that was originally used will have to be REimplemented if they want it to remain the same as it was originally. Using the old localization will not save as much time as it did for the NA release of Master Quest on the Gamecube. And if they have to do a lot of that work over again, they MAY want to make it worthwhile by making a few improvements.
The most likely result: the translation will be improved. I don't necessarily mean they'll redo it from scratch (which would be nice), but they'll have a chance to change any glaring errors or awkward moments that came with the original translation.
As for the changes we've been talking about, they could include them again, but they would have to reimplement them. So the question is: why? Will there be a payoff for their extra work? Extra time means extra money spent, after all.
In the case of the blood, I don't see there being any payoff. Nintendo already tested the waters the first time, and I don't think there was much of a public outcry.
As for the crescent moon and star emblems, I'm not sure. But I really hope they leave them in, because I never saw it as a religious symbol anyway. And sheesh, people need to stop being so sensitive. Remember how the original Zelda's shields all sported a cross? We know this was made in Japan and they didn't mean anything by it.

Lastly, the chanting: not sure. In my opinion, if it really IS a Muslim chant, then it should be out. If it wasn't intended as one, then people are just jumping at shadows and should cool down a bit. But it would be nice if the Nintendo localization team would go to the trouble of actually ASKING their parent company what the original intent was. I think that's the main reason for the uncertainty: communication between NoA and NoJ.
Personally, I think the most likely reason that they pulled the original chanting was because of anticipated complaints. It's weird that they thought to remove it after the first version went to print, but localization teams have done weirder things.
Personally, whenever I hear about the chanting version of the OoT Fire Temple, I can't help but think of
this track from Alundra on the PSX. Pretty similar, no? I'm not sure which game came out first in Japan: Alundra or OoT. So perhaps one of the two imitated the other...or it might just be a funny coincidence. Either is possible. I like Alundra's fire dungeon music a little better, but only because I thought OoT overdid the "ambience" in its dungeon tracks.