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HERE ARE THE BASICS:

-New Costumes and DX Camera
Beat the game to unlock a couple new costumes. Link will be dressed in pajamas throughout the adventure, and Aril will wear a skull shirt. You will alos have instant access to the DX camera. To make this work, make sure you save at the end of the game, and start the game again with that save file.

-Easy Blue Potion
Although the potion shop in the island with the town makes blue potions using the teardrop items from the slime monsters, it needs 15 blue teardrops to make one blue potion. Instead, use the grappling hook on the monster plants on the island with the big tree to get the venus flytrap item. This item can be traded to the little plant shaman inside the giant tree's cave for blue potions at a better exchange rate (5 flytraps for 1 potion).

-Easy Items
To get the purple backpack item that you normally get from an enemy without defeating it, simply target the enemy and use the grappling hook. If you do this with every monster you meet, you amass a gross amount of overstock.

-Free Gold Potion
After clearing the first dungeon (and getting the grappling hook item), capture a fairy in a bottle (or buy a red potion if you're stupid) and head back to the island you started the game on (it is all the way on the bottom row of the overworld, the second square from the left). Locate the old woman then target and use the fairy/red potion bottle on her. Speak to her for a free gold potion. It behaves like a blue potion, but may be used twice. When the gold potion is used up, you can get a free refill by simply speaking to the old woman.