You make a few good points here. However, I subscribe to the split timeline theory, and have since it was confirmed by Shigeru Miyamoto (2003, I believe). You say that it was only in a crater in OoT, not in LoZ or AoL. Following the split timeline theory, Ocarina of Time is directly before Wind Waker, and therefore the topographical facts would remain roughly the same. I cannot say anything about, but this wiki
http://zelda.wikia.com/wiki/Spectacle_Rock (Which I admit is just a wikipedia page) says that the formation is, in fact, spectacle rock. I can't say whether they are assuming this or whether it is fact, but I always thought of Spectacle Rock as those two wierd pillars in Death Mountian Crater.
I also subscribe to the Split Timeline theory, but that doesn't keep what I said from being true. By the way, it was confirmed by Eiji Aonuma in 2001, in an interview conducted talking about Wind Waker.
What I am saying is that I don't consider the location in OoT to be Spectacle Rock. Or at least, I don't consider it's location to actually look like that. In every other game that Spectacle Rock is said to be in (LoZ, AoL, ALttP, and FSA), it always appears as two rock structures protruding from the very top of Death Mountain. In OoT, it is said to be two rock structures inside of a crater (but only on that Wiki page, and never in the game, so it is merely speculation). It would be impossible for an island to be made from the tops of those mountains in OoT because they are in a crater. And since OoT never once says that those two structures are known as Spectacle Rock, or anywhere else in Death Mountain for that matter, I conclude that Spectacle Rock is never seen in OoT. Now, I don't believe the locations in ALttP or FSA are named Spectacle Rock either. But in LoZ and AoL, it is named Spectacle Rock and since the locations in ALttP and FSA look like that same area, one can safely assume that they are all the same.
What you are trying to say is that OoT's Spectacle Rock is THE Spectacle Rock, and that isn't true because its never been confirmed. The wiki page link you provided says that, but it is only speculation, which should be noted on that page because there is nothing in OoT to confirm that name. The only way to say for sure which location is Spectacle Rock is to look at LoZ or AoL, which you could also back up with ALttP and FSA because those locations also look similar to LoZ's Spectacle Rock. In LoZ, it isn't in a crater, it is just two mounds on the top of Death Mountain, which would obviously protrude to the top of the Great Sea in Wind Waker. Again, confirmed evidence overrules speculated evidence. LoZ's location is confirmed and looks to be what Wind Waker would use as Spectacle Island's location. OoT's location is not, and is inconsistent with Spectacle Island in Wind Waker.
What you're forgetting is that Spectacle rock wasn't a mountaintop. It was inside of the crater of a mouintain. We're not talking LoZ or AoL, but OoT. As for the name thing, Hyrulean myths and traditions were highly valuable to the people, as evidenced by the numerous Zelda's, Death Mountains, Great Fairy's, etc.
OoT doesn't matter because again, that location is never confirmed to be Spectacle Rock. What matters is LoZ. The Split Timeline theory doesn't mean that Spectacle Island cannot be Spectacle Rock. Spectacle Rock would still exist in OoT, and would look the exact same as it does in LoZ. Its the same Hyrule. What I am saying is that we never actually see that location in OoT. We never see Spectacle Rock in that game.
As far as names go, virtually nothing in Wind Waker is named after anything from old Hyrule besides Spectacle Island (nothing obvious anyway). Every location is different, and if they wanted us to know that Dragon Roost was a part of Death Mountain, they would have told us. Or at least they would have made it as obvious as naming and designing Spectacle Island after what Spectacle Rock would look like if Death Mountain were submerged under the ocean, which is exactly what it was.
