I would love to see them focus on link having less items but to fully flesh out the use of each item. For example with the bow they could have various upgrades including quiver size, bow type, arrow type and bow skills. I'd also like to see the upgrades occur through a combination of main game progression, side quest achievements and collecting materials e.g.
QUIVER
Start with small (30) but can upgrade to 50 and later 100. Achieved through collecting materials and rupees to upgrade the item.
ARROW TYPE
Start with normal arrows but achieve ice, fire, light (perhaps also time arrow as indicated in the trailer). Achieved through game progression (e.g. dungeon rewards) as needed to complete the game
BOW TYPE
start with fairy bow, but later acquire hero bow. Either through materials upgrade or bow based game. Increases damage done by the bow
BOW SKILL
z targeting as normal. Later acquire ability to shoot arrows in slow motion, also ability to fire up to three arrows at a time at different targets through manual targeting. Similar to how the boomerang has worked. Achieved via game progression as later game mechanics can work on having these move sets. Perhaps similar to how TP does it
Same things can be done with the sword which is quite typical of all zelda games, but also focus on different types of attacks like WW. Hookshot can have similar upgrades etc. too.
In general I would like them to focus on a smaller set of items but make different types of them that are necessary for game progression. I think this would stop the feeling that certain items are only useful for one section. This is the type of items I'd consider
Boots: pegasus (work like bunny hood-negates stamina meter) iron, hover, normal
Tunic: green, red (fire protection), blue (swimming), dark navy (increased stealth)
Sword: fairy and two subsequent upgrades and skills
Shield: wooden and two subsequent upgrades
Quiver: two upgrades on size
Bow: increased power and skills with two upgrades
Arrow: normal, ice, fire, light
Hookshot: Upgrade once
Bombs: not sure best upgrade but sure they could improve it once
Magic skill set
Sail cloth
Gauntlets (silver, gold)
Essentially just work the fighting set around bombs, sword and bow moves and upgrades, with a few items and clothing that help in certain puzzles and areas (tunic, boots, sail cloth, gauntlets, hookshot). Also magic that can act as both.