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.
 
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.