We should design the items per usefullness.. for example of your magic Items, I see the Rod of Seasons, Rod of Ages useless, since they just appear in that game and we aren't messing with seasonal changes or time warps. The Cross and Rings feel usefull too (actually I don't know in what game they appear
I guess Zelda I and OoA/OoS respectively), Spinner might not work for this game.
Then we should see the items depending of the function, the Hookshot, magnetic gloves, and Switch Hook have the same function, moving you from A to B. So no matter which of those three we use it will be nearly the same
. Same applies for the Slingshot and the Bow,
The Hyoi Pear and the Magic Beans can work, mostly the Magic Beans, yet the Hyoi Pear is used to talk to fishes not sure how that will work in this game.
Actually I think we must define first the number of Items we are going to use. And if we are going to add Tunics and boots, and if we actually add them, we must define is they will be considered as Items or if they will have a special screen for the selection ( a la OoT).