I use the n-rage plugin.
backwalking is a little tricky if the deadzone is lower than 5%, but you can get used to the rest within minutes.
except for keeping ess position, lol.
btw, checked on oot - can't backwalk straight with 0% deadzone, which is just as it is on VC in there.
to get the same feeling on emu like I do on n64 with the pad, I need a deadzone of 2%
on 2% it's still not possible to backwalk straight in MM, so basically same issues (okay, ESS is a little easier, lol)
oh uhm, my stick range is set to 100 x)
I think if you calibrate your joystick in windows it might also function for 0% deadzone. It does for me at least.
I'm giving the improved mapping I got a few weeks back a try now with the gc to gc adapter. Right now I multiply the x and y values of the joystick by 0.75, because the joystick of a GC controller has a higher range than that from an N64 controller (about 100 vs 75, I think). With the N64 version I can just read straight from the table.
Aiming is really good. Backwalking works fine, but you don't have a lot of margin. ESS is not hard, but angle changing is imo, but I haven't practiced it at all and I'm used to OoT anyways. Turning straight seems also hard, but that's also the case on N64.
I'm having a Zelda marathon with a friend starting tomorrow. Then I'll also play MM so I can test it more.