It would be great to do this again. What made the original LoZ great was its sense of exploration, and that has been missing from some of the later titles. I'd rather find some of the items outside of dungeons instead of inside, and using said items as a tool, not as a key to complete the dungeon. In a way like Jupiter's idea:the items make the dungeon easier but do not necessarily mean you need them to complete the dungeon.
Precisely! I think
this is the key element that has been missing from Zelda games for a long time.
I like how you said it: " using said items as a tool, not as a key to complete the dungeon." Exactly!
Imagine if you were fighting an early boss in a dungeon and had the option to defeat it with
(a) the slingshot which would let you stay a safe distance, but did not cause much damage,
(b) your sword, which would cause a lot of damage but would put you at risk of getting hit, or
(c) bombs which would allow you to stay far away
and cause a lot of damage...now perhaps the only weapon you need is the sword, but the slingshot is something that you can buy easily for 80 rupees...the bombs on the other hand, you need to burn a hole in a secret tree in a semi-dangerous forest to discover the crazy bomb-maker salesmen to get those, so maybe you don't have them...
Then! Maybe in the same dungeon there are secret areas you can't get to without the bombs...maybe you have to blow up a wall to find some fairies, or even an important item like the whip...so if you beat the dungeon without the bombs you have to go back later...
...maybe also there are enemies that you can defeat more easily if you had the whip that you needed the bombs to get....
It would really open up the game and make the items feel more valuable and useful, it would give you a better feeling of accomplishment and creativity as you go through the game too!
Like Mega Man! You know, how if you have a power from another boss, than it might help you with the boss you're facing.
Or Metroid...