My favorite items in the beginning of my time with Zelda were Nayru's Love, the Fairy Bow, and the Mirror Shield. Truth be told, I adored NL simply for its blue aura effect; I really held a certain disdain for its keeping knockback but still making Link invincible. He wasn't impervious, but he was invincible, and that ticked me off. The fairy bow, equiped with Ice and Fire arrows, was probably the best thing since walking in my backyard. I would warp to the Forest Temple entrance and snipe the giant Moblin who sits in that corridor as Adult Link. It was just too much fun. And the mirror shield was a childhood favorite solely ont he merit of its design. Moon and star symbol means a LOT to me now that I'm older, but even so, I appreciated it dearly in the early days.
(Yes, that was all from OoT; my childhood)