I will give you my two cents on your ideas anikom15. This is coming from a person who actually enjoyed Liberation of Hyrule and Armageddon Quest. I mean, I made a playthrough for each game on youtube.
No Fairy Fountains
This doesn't bother me one bit. I'm neutral when it comes to fairy fountains.
Enemies don't drop life (or magic?)
For me, this actually doesn't both me much as well. When enemies don't drop life, the player is forced to be more careful when fighting enemies in a dungeon. I may be in the minority on this one, but I actually like the system of having to buy your hearts in Liberation of Hyrule. Again, it forces the player to fight more carefully. I can see why this idea may be unpopular and having life refills does encourage people to actually battle the enemies. If they don't drop any life, and the player is almost dead, they will either: give up and die, F6, run away from fights, and/or rage quit.
With magic, I actually have mixed feelings about a magic bar. I find it annoying when my magic bar runs out and I have to try to refill my magic in order to complete a dungeon. This is especially true for the lens of truth. Personally, I will reset the game if I run out of magic in a lens of truth dungeon. I just memorize where to go without the lens and use it again in later parts. I can see if you need to use magic to battle opponents and need to conserve your magic meter; that I like. I just don't like running out of magic and need it to solve a puzzle. Crap, I need more magic in order to use my candle. One solution to this is to provide some magic, for free, in a room near a puzzle requiring magic.
No clocks
No problem here. I make fun of the clock in my Armageddon Quest playthrough and abuse the living daylight out of it. Limiting the time is also fine with me.
Link only starts with 3/4 of his life, except at the beginning. Heart containers and pieces refill life.
Personally I don't like this rule because I want to get going after loading my file, however, after reading some people's feelings on this rule, I can see why this rule can actually be a good thing.
No F6
Down with F6. I try not to use F6 myself, but I don't really care if other people use it. I don't plan on disabling F6 in my quest, but I might try and find a clever way to punish a player who uses F6.
I really quests that actually make you utilize every tool Link has in order to survive. A lot of quests allow the player to just use the boomerang and sword to get by. Being forced to use bombs, arrows, hammer, wand, candle, bait, etc to survive is hard to do, but awesome when done right. I absolute love using the bait for battle purposes. Personally, I think the boomerang is overpowered. When you get into items like the hookshot and fire boomerang, the game just becomes too easy. Sure you can use red bubbles to disable your B items, but that will not be popular. You can also use the enemy and item editor to disable the stun affect on those items. You can also remove the boomerang all together, but I don't think that will be very popular. My main point is try to make situations where Link can't just use his trusty boomerang to survive.
Another thing, in my opinion, the red and gold rings are too powerful. Sure, you can make it so end game enemies do way more damage and/or over crowd a room with crackorocks, but, most of the time, I can still sleep through those enemies as they give me the same amount of life as I loose when battling them. It moves into the territory of false difficulty. Also, I don't want to see a splitting darknut and say, "Yes, more life" I want to see a splitting darknut and say, "Oh boy, I need to be careful". I feel fine with the blue ring as a decent amount of enemies can still harm Link with the blue ring. If you want to use end game enemies like death knights, I feel Liberation of Hyrule and Armageddon quest did that enemy right.
You could also limit the amount of hearts a player receives all together. I feel most quests, and games, are way harder at the beginning than at the end because you can't take a beating. Most games I can sleep though at the end because I can take a ton of hits from the strongest enemies. Making the enemies a threat through out the whole game can be very difficult to do. I may not be the best person to come to when it comes to advise on this subject. Personally, I feel the player should be allowed to make more mistakes (getting hit) at the beginning of the game and not be allowed to make as many mistakes (getting hit) at the end of the game. I also feel enemies at the end of the game should be harder to avoid, but, with skill, should still be avoidable.
I would love to hear what you and other people have to say about my thoughts.