I know this area.
In a non-linked game, the area is inaccessible. In a Linked game, this is where you will meet the Ghost captain. What's there is merely nothing but land. I've tried every method I could think off, from using the swimmer's ring and the speed of the mermaid suit combined will not get pass the whirlpools.
If you really want to see what's in there I suggest getting a password from oracle of Seasons and typing it in your Oracle of Ages to create a linked game. This site has a Password generator, it will help you with creating a Linked game.
Note: When I mean by Ghost captian, I mean the Captain of the Pirate Ship who will give you the Tokay Eye Ball. In a Non-linked game, you get to him by going to the past and showing a Zora the Scale. There, you board the ship and receive the Tokay Eyeball. In a Linked game, the area is where your trying to reach, but in the present.
Additinal Note: Underneath the walls of whirlpools are caves. The one your at contains a ring, though I forgot what the ring is. In the past, the cave contains a Heart Piece if I'm correct.
Yeah...playing this game a lot made me memorize things