Going back to my previous post, since this thread has gotten a bit more active, I'd like to argue that the Gold Ring is too broken regardless of where you put it, as it absolutely trivializes the rest of the game. Unless you nerf it (Which isn't what this thread is about, it's about the vanilla versions of the items), it's probably the only item in Zelda Classic that just trivializes just about everything. The Master Sword, Feather, Fire Boomerang, and just about every useful usable item at least require input from the player, and if placed well, won't actually be broken, just "useful." the Gold Ring on the other hand, genuinely just trivializes everything afterwards, which is why I just outright avoid putting it in quests. You'll only ever need the Red Ring in any given lategame scenario, and at least with the Master Sword, Death Knights are still at least somewhat of a challenge.
But maybe that's kinda the point? Putting it in an optional challenge dungeon where the final prize is a set of items designed to completely break the rest of the quest (and I'd argue that vanilla Death Knights and Cracktoroks are too powerful for Red Ring). Plenty of great games have optional item sets like that, armors or weapons that are very difficult to obtain, but that turn the rest of the game into a joke. It's not something that I'd *ever* make a normal part of the game. (Also, I should probably note that, for my quest, almost every enemy is getting a slight-to-moderate buff in speed, damage, HP, or some combination thereof, except for the Death Knights and Cracktoroks, which will probably get a slight nerf, cuz most Z1 enemies are pathetically easy.) But yeah, I think that all of the items listed here, for the most part, need either to be nerfed or to have the rest of the game buffed around them. I don't really think there's any scenario that the Fire Boomerang isn't just as broken as the Gold Ring in vanilla ZC, it stuns nearly everything except for Shielded Darknuts if hit from the front. Golden Arrows are another one that really needs to have the game adjusted around it.