The first 9 tiles of each color is the animation for the item that link picks up. Set the A. frames to 9 and the speed to 4.

The next 8 frames is the actual weapon sprite. The odd numbered ones (1st, 3rd, 5th, and 7th) of these are all just rotations of the same tile, which was created by Rexlaninetales. (though I recolored them.) The rest are rotations of a tile I created based off of the original, to make the animation smoother. On these, set the A. frames to 8 and the speed to 3 or 4.

The next 10 frames after this is the sparkle. Set the A. frames to 10 and the speed to 7 or 8 for a long trail (golden arrow or fire b-rang), or 3-5 for a shorter trail (silver arrows or magic b-rang). The sparkles rise up as they shrink, but this could be changed easily. I did this to create a kind of evaporating effect.

The last three colors have the same tiles, and just use different palettes.

All four of the palettes are in the image, and correspond to the tiles as follows:
8th palette: Ice
9th palette: Fire
10th palette: electric
11th palette: dark/shadow

I think it looks best to use the 1st set of sprites for the dark/shadow element, and the 2nd, 3rd, or 4th for any of the others, since they are all the same.

Rexlaninetales, for creating the original fireball tiles, which inspired me to create the other tiles to go with them. And, me, for making the rest of them.