Ganon, no I did not have the other enemy on screen at the time. They were on the opposite end of the arena, and I found the item when I went to leave for the next area.
Not sure about an itemized list of every weapon and attack, but I can start off with the Magic Rod.
Strengths: MOBS MOBS MOBS, Single Enemy.
Weaknesses: Avoiding Cuccous
Attacks:
Strong: creates a small blast of flame that moves forward. Slow and not wholly useful, especially when compared to the rest of the attacks.
attack II: Creates a large pillar of flame, which then splits and spins in two separate pieces, damaging enemies in a wide area. Good for attacking concentrated crowds in front of you.
attack III: The rod turns into a giant battle axe. Keep tapping X to send it spinning in an enormous circle that catches enemies both in front and behind. One of the best Keep Clearers this weapon has. Also great for breaking the guard of stronger enemies like Shield Moblins.
attack IV: Personally my least favorite. Combo into a short-range flamethrower that lasts for a few seconds. Rotatable. Later, stronger combo will create a vortex of fire for a few more seconds after it would normally be over, but so far as I can tell, it doesn't have a longer range.
attack V: Another great "Crowd Pleaser", Link slams the butt of the rod into the ground and a flame dragon rushes out, moving swiftly in a circle and then up. Damages in a wide area centered on Link.