That's definitely a good start. Personally what I might do in terms of the value codes is use a bitmask for each collision type. For example, 1 means collision with ground-based objects and 2 means collision with floating objects. It's a subtle difference, but that would make a tile that collides with both types be coded as a 3. Then for ground-based objects you'd check the code AND 1, for flying objects you'd check the code AND 2, etc.
Something else to keep in mind is that if you have a tile whose collision box is only 8 pixels wide or high, you're going to want to check the middle edges of your sprites in addition to the corners (assuming 16x16 objects). Though now that I think of it, it's the easiest to only move in a single direction at once and check only along the sprite edge in the direction you're moving. In the case you need to move diagonally, just move horizontally and vertically in separate steps (though this is really rare in Legend of Zelda anyway outside of things like the boomerang).
Also, one thing I've found to be a quite user-friendly feature, to avoid getting stuck on walls, is that if you collide with a wall on only a single corner of the sprite and not the other points along the edge, you move towards the empty points. For example, if you're moving upwards and you collide with a tile only on the upper left corner of the sprite, after forcing the sprite back down I'd also incur a slight movement to the right.
I hope that makes sense and I wasn't just rambling, haha!