I haven't played Ocarina of Time in quite a long time, but last time I played I remember using either the Goron or Zora tunics, the Hover Boots, and the Biggoron Sword. I never had that much of an issue walking with the Hover Boots on, and I found them to be very useful in many different situations. I use either the Goron or Zora tunic depending on the situation, but there is really no reason to ever use the Kokiri Tunic. As for the Biggoron Sword, I find the game a lot more fun to play when you use that weapon. Doing the Trading Sequence is the first thing I do once I become an adult.
I like the Zora's tunic, Hylian Shield, Kokiri books, and Biggoron sword. Also, I would like to throw out that on Link's Awakening, I get the blue tunic, and prefer to always have the rocs feather and boomerang equipped.
I have two favourites, both involve the kokiri boots, then if I wear the Goron Tunic, I'll also equip the Mirror Shield, because of its red framing, then equip the Biggoron sword to finish off the combination, but if I wear the Zora Tunic, I'll equip the Hylian shield, because the blue and silver of this shilef compliment the Zora Tunic, and then I'd finish it off with the Master Sword.