I honestly hope one day, there will be an official 100% rules for LoZ and would be put on the leaderboards for ZSR. This is what I go by 100%, with everything listed here to be by the end of the game [my PB being 1:11:34] [Best I've seen with these rules were by Darkwing Duck and he got a PB of 42:59]...
All Hearts [16 Total Life], Raft, Magical Key, Red Ring, Stepladder, Book, Power Bracelet, Magical Boomerang, Both Bomb Upgrades, Bow w/ Silver Arrows, Red Candle, Whistle, Letter [But Red or Blue Medicine can work too], Magic Wand, and Magical Sword.
However, I normally get the Magical Shield because I tend to have trouble fighting Wizrobes and dodging fireballs, but I don't really think it should be needed for 100%, only do to the fact that it can easily be lost [aka not permanent]. I think it would suck to lose it near the end and have to leave, if needed, collect rupees just to rebuy it, and chance lose it again. As for all keys, I find that to be dumb, mostly because the Magical Key is still an item, and once gotten, all the other keys are useless. Also, I don't like the thought of needing the maps and compasses due to the fact that once you finish the dungeon, let's say Eagle, the map and compass in Eagle is not shown or used ever again in the run. Finally, I think even though the bait is an inventory item, you don't need it there at the end of the game. I think buying it once, and using it in Level 7 should be good enough.
I had a discussion of what should be a 100% run on SDA if anyone want's to look at it [even Darkwing Duck was in this conversation]-->
https://forum.speeddemosarchive.com/post/the_legend_of_zeldaall_categories_16.html