”Valkyrie No Densetsu” (valkyrie.zip), Released in 1989 (Japan only) on the NAMCO System2 Arcade hardware.
https://www.youtube.com/watch?v=GPS4Gr5fs-g
You can sometimes choose different paths (but still limited since this is an arcade game and time=money), expand your heart & magic containers, Talk to villagers, buy items with your collected coins, enter different dungeons and defeat bosses etc. very much like Zelda1 (which really is an Action adventure game and not an RPG). As mentioned by others CADASH is the closest you’ll come to an action RPG game on the arcades, very similar to NES-ZELDA2.
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“Anyone who has never made a mistake has never tried anything new.” --Albert Einstein
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