Zelda 3 Item ideas

Red Mirror: Allows warping from dark world to light world, and vice versa
Crystal Hammer: Increased range and power for the Magic Hammer (hits four tiles in a cross shape)
Red Bombs: Increased range and power for the Bombs
Magic Bow: Bow no longer consumes arrows and has faster firing rate (two arrows can be on screen)
Crystal Cape: Cape consumes less mana, allows link to be seen, increases sword damage by 2
Cane of Baira: Upgrade for Cane of Byrna: Damages and freezes enemies
Cane of Soa: Upgrade for Cane of Somaria: Cube has damage aura and explodes into larger projectiles that go through walls.
Black Flute: Allows fast transportation in the light and dark worlds
Power Powder: Increased range of the Magic Powder (throws powder in two arcs in front of Link)
Magic Book: Upgrade for Book of Mudora: Regenerates magic
Max Quake: Transforms enemies into fairies
Max Ether: Freezes enemies and adds an unconditional sword beam to the sword for 30 seconds
Max Bombos: Clears screen of enemies and increases sword range for 30 seconds (fire goes out of the sword in an arc)
Magic Lantern: Lights entire room, on use creates a damaging fire circle around link
Blizzard Rod: Launches larger projectile that goes through walls
Flame Rod: Launches larger projectile that goes through walls
Magic Hookshot: Steal life from enemies in the form of hearts (only on unparalized enemies)
Gold Shovel: Whenever there would be no item from shovelling, dig up a red ruppee
Magic Bottle: Carries two servings of a potion (upgrades each bottle after getting all 4)
Silver Boomerang: Steals life from enemies in the form of hearts (only on unparalized enemies)
Ice Boots: Keeps Link from sliding on ice
Iron Boots: Keeps Link from taking damage from floor spikes + Ice Boots effect
Rupee Ring: Double all ruppee values + doubles current money when collected
Gravity Ring: Falling into pits no longer causes damage
Fire Ring: Immunity to bomb damage and halfs fire damage (bomb jump still possible)
Flame Ring: Immunity to bomb damage and fire (bomb jump still possible)
Light Ring: Sword beam causes as much damage as the sword
Power Ring: +1 damage to all weapons
Sword Ring: +2 damage to all weapons
Guard Ring: -quarter a heart to all damage, calculated before tunic damage reduction
Diamond Ring: -half a heart to all damage, calculated before tunic damage reduction