Looks like the upcoming Toon Link Amiibo will be put to as much use as the regular Link version, as both Hyrule Warriors and Mario Kart 8 will support the Wind Waker protagonist figure.
Like the other Link Amiibo, Toon Link can unlock the recently announced Spinner weapon in Hyrule Warriors, according to the game’s official website. Sheik also now has confirmed support, but we don’t yet know what the character will unlock. If you missed it, Koei Tecmo revealed last week that the Princess Zelda Amiibo can be used as well, teasing that she can also unlock a new weapon. but not specifying what weapon it will be.
As for Mario Kart, Link and Toon Link Amiibos will unlock a green tunic for your Mii racer, as you can see in the videos below.