So link can travel 7 years in time in Ocarina in time, he can travel 10 years in some other game. Link could even travel 100 years in some gameboy game and then travel in the alternate universe of that world as well.
He can't travel back to an extra day?
When link traveled 7 years in time, he used the master sword.
The Ocarina's ability to take him back in time was never explained so really any explanation could be made up for that.
An interesting thing to notice is that when you first go back to the first day in Majora's Mask, it shows the intro to the game which implies you relived that again. Theres plenty of room to argue that Link could have done at that point but that's where there aren't really any details at all to talk about it.