Actually, you're probably right. The fact is, I didn't even know that there WAS a sinking lure in TP. I played through the whole game twice, and I never noticed it. I guess that proves that it's useless.
LoZ - The Book of Magic
I'm pretty sure it actually makes the Magical Rod LESS effective against certain enemies. No thanks!
AoL - The Cross
You only need it to see blue eyes, and only in a couple parts of the game. You can beat the game without it.
ALttP - Ice Rod
The Ether Medallion did...