Skippable:

Sanctuary Heart Container, Pieces of Heart
Bomb/Arrow/Magic upgrades
Maps/Compasses
Ice Palace Big Key (if you're evil)

Tempered Sword
Golden Sword

Red Shield
Mirror Shield

Blue Mail
Red Mail

Silver Arrows (Ganon can be defeated with Master Sword spin attacks alone)
Bombos Medallion
Boomerang
Magic Boomerang
Magic Cape
Cane of Byrna
Mushroom
Magic Powder
Bug-Catching Net
Bottles

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Required:

Green Tunic
Fighter's Sword
Fighter's Shield
13 Hearts

Master Sword

Shovel
Flute
Bow & Arrows
Ice Rod
Fire Rod
Quake Medallion
Ether Medallion
Hookshot
Bombs
Power Glove
Titan's Mitt
Pegasus Boots
Zora's Flippers
Moon Pearl
Cane of Somaria
Magic Hammer
Lamp
Magic Mirror