Reading through the Oracles Ring List, I noticed the following entries:
Code:
 27  | Green Luck Ring          | 1/2 damage from traps
 28  | Blue Luck Ring           | 1/2 damage from beams
 29  | Gold Luck Ring           | 1/2 damage from falls
 30  | Red Luck Ring            | 1/2 damage from spiked floors
Before I knew it, the following very simple item idea sprang to mind:

Luck Rings
Power: By how much the damage is divided. 0 makes it a Holy Ring (nullifies all damage).
Misc1: The type of damage to reduce. The numbers here will be pretty arbitrary. Maybe something like 1 = traps, 2 = fireballs, 3 = damage combos, 4 = Link's bombs, 5 = Link's fire etc.
(I may replace the "Hurt by Own Bombs" and "Not Hurt By Own Fire" rules with two such items in init. data.)

Yes, I understand that Boots may seem to equal a Damage Combo Holy Ring, but remember that the Boots allows you to specify the level of damage combo to resist.

And, while I'm at it, here's something that'll take about ten lines of code:
Whimsical Rings
One of Link's weapons sometimes does lethal damage.
Power: How often, out of 255, that this weapon is lethal.
Misc1: The item family to provide whimsy to.

I'll think about these. Since both of these items' effects are solely in the realm of stats, the bug risk is reasonably low. And since the Item Editor is entering its prime, now's the best time to start defining the built-in item families.