Well, I've been thinking about the implementation of this idea for quite some time now and have even gone as far as to include it in my story development, for those of you who recall my Cardinal Kingdom idea...
Anyway, I thought about combinations and how that would essentially create options for the players and since options would be available I figured there could be less items/weapons while at the same time still having a lot to work with.
For instance, here are a few basic weapons:
Deku Sticks
Rope
Deku Nuts (Zelda's variant- my idea utilized a co-op optional design)
Bow and Arrow
Crossbow and Arrow (Zelda's variant)
Kokiri Bottles- resemble test tubes, but are smaller in size, used for containing Chu Juice (the remnants of ChuChus)
Fishhook (item from the Trinket pouch, used in Adventure pouch)
Now, just for an example of combinations:
Acquiring Deku Sticks grants Link use of Stone Arrowheads (the basic form of Arrowhead). So Deku Stick + Arrowhead (through the use of Rope) = Deku Spear
Zelda acquires Deku Nuts at the same time Link gets Deku Sticks. So Deku Nuts + Rope = Deku Chain (weighted mechanism to trip enemies)
*possible upgrades in side quest*
Or Deku Stick + Fishhook (through Rope) = Line and Rod
But the real beauty comes with the bows:
As I've mentioned, Stone Arrowheads can be collected (on forest floors), while Steel Arrowheads are infused with silver (homage to Silver Arrows) for effectiveness against a Morphos (monster race). But, given Stone Arrowheads grooves, they are perfect for dipping into Chu Juice- which comes in a variety of Red Chu, Dark Chu, and Yellow Chu.
Red Chus emit an attractive aroma (similar to the Reekfish idea in TP) which can lure certain enemies to one particular spot. Bait Arrows
Yellow Chus, as we all know are electric-based (WW example) and can electrocute an target, stunning enemies in some cases. Static Arrows
Dark Chus are purple in color and emit toxic gas when they are near. Using their juice can poison a foe, depending on size variation and quantity of arrows, killing them. Poison Arrows
So by simply equipping the bow, you'll be able to cycle through your Arrowhead selection (ala WW style) and the amount of Chu Juice you possess determines your variations.
But there's more!
Equip your bow, then combine it with Rope, and once you obtain the Steel Fishhook (with a three-pronged mechanism), you now have a new version of the Grappling Hook!
*shoot any target and swing from its support, or climb up the Rope...you can even shoot enemies! Pull them to their death, or literally pull them toward you (Scorpion, Mortal Kombat, style)
*But only lightweight Fishhooks will work, which means there's plenty room for upgrades. And Fishhooks can also be combined with Chu Juice (for fishing purposes, hopefully)
And that's not even all of my game's item list. The combinations go on!