It's a possibility, but then maybe they chose purple because it
contrasted with Link's green, rather than as an attempt to bring us back to it. After all, could you imagine Link dressed in green, wielding courage, which is green, and on top of it having a green sword? It'd be like a green overload.
Maybe they wanted him to be set off by a secondary colour, much like Zelda wears purplish-pink and white, and Ganondorf has red and yellow. Or brown. Or whatever.
Also, purple has always equalled magic, and what's more magical than the Master Sword? Hasn't HP taught you anything??