Oh damn guys, I disappear for a couple days and all hell breaks loose

Okay let me address the recent posts:
ShadowOne333 and gang, you're all doing terrific work. I especially like the idea of keeping the original sprites and fixing them slightly.
I just want to share the following: the magical clock item that drops occasionally seems a little OP to me. One can just relax and take their sweet time on the current screen when they grab one. Would it be possible to introduce a timed element to it? Such as when you grab one you have a specific amount of time to deal with the current enemies before they unfreeze.
Just thought I'd throw this out there. All in all, it's a pretty minor thing.
I'm still thinking about what to do with the clock.
I always thought the clock was really out of place in Zelda 1 tbh.
I might lower its drop rate a bit when the Arrow drops for enemies are implemented, so it becomes a rare item instead of a common one, but I am still unsure if that's how I will address the Clock stuff alongside the Arrows.
Has anyone noticed that either the Link sprite or sword sprite y-position is offset by 2 when entering dungeons? This even occurs in the vanilla game, but is less noticeable because the horizontal sword sprite is more centered with Link's mid-line.
This makes the lower position with the LAGFX kind of problematic, as the sword is practically emerging from his feet in dungeons. I was able to get a better-looking result by moving the sword up 2 pixels (making it even with his hand when in dungeons and slightly above when outside). I don't know if there is any other way to fix this?

Ah yet another oversight when implementing the LA graphics.
I have already modified the graphics for the sword, so they should now be like in your fix

There is a bug with the item select. There are two ways to trigger it:
When handing the letter to the old woman, and before you choose the blue or red potion, if you start cycling items with select you will go out of the intended range and start getting heart pieces/triforce/random stuff. If you try to use them the game crashes.
The second cause is whenever you completely consume a red/blue potion and the item is removed from your inventory. The letter comes back in its place, and using select to go past the letter will take you into the invalid key items/random tiles (compass, etc). You CAN get it back to a valid inventory item by pausing and cycling through until the cursor lands on something in your inventory than unpausing.
You can get it back to normal for good by going back to the old woman and buying a potion (removing the letter again), but you need to keep at least the blue version in your inventory to prevent it from happening again.

Also Aquamentus is suffering from some kind of disease! I was able to make him green by modifying his colors:
[1A2A0]
13 16 35
1D 2A 36

Colorized Dungeons:
Dungeon 5 is really hard on the eyes; in the asm file it says Level-5 is supposed to be a "Brown" color scheme. I removed the reddish color:
[19807,19878,198B8]
0F 08 17 18
0F 08 2D 18

Dungeon 9 is red too... but you also get the Red Tunic/Ring here and a lot of the enemies are red. There's just a whole lot of red going on in this very long dungeon. Maybe Death Mountain could be the one dungeon that uses the default grey color scheme?
Oh boy, some people have already mentioned the bug with the Select button doing that, but I haven't found a way to completely fix it yet :/
It seems to trigger ONLY when you have the Old Letter in the inventory, if you use the Red/Blue potions and it reverts back to the Old letter, the same thing will happen.
So it seems the Old Letter is the one at fault here.
I tried adding other items, key items, etc., and it only seemed to bork when you have the Old letter, so that one should be the culprit of the issue.
As for the other two issues:
1) Aquamentus' palette is modified inside the "redux.asm" file at the VERY end of it, simply comment it and you will get the default green palette for him.
2) The brown dungeon palette I agree in, but it can be easily changed inside the Recoloured Dungeons.asm file. I will still leave it as-is, since the colours are based off from the Modern Classic hack.
I've fixed this issue in my hack, A New Light. It's my first attempt at assembly though (directly in hex as well), so it could probably be coded better. It still might be helpful. The addresses are the same since I used the redux code as a start (thanks!). There's still one issue in my code that if you have the letter and no boomerang it won't cycle (this doesn't happen in my hack since you start out with the boomerang).
Oh so you managed to fix the issue with the Old Letter?
Would you please share what changes you made to get that fixed?
That would greatly help to finally have this bug fixed, since it has eluded me for quite some time now.
Also, the issue with the items not cycling when you only have the Old letter and no boomerang is exclusive to your fix, or is it also in the original implementation from Redux?
If the latter, then I can cycle with only the Old letter in the inventory, but all the items are the bugged ones sadly.Just went ahead and implemented your custom fix and credited you for it

Just one other thing, would you mind sharing how you modified the speed in which the waterfall moves in the title screen? I'm interested in peeking at it to see what speeds can be used for it.
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Out of that...
Thanks to a lot of back-and-forth discussion with user @bogaabogaa, there's some neat stuff in the future for Zelda Redux

Take a peek!

This is right now WIP, and the arrows code is not finished (we still have to hijack the code that subtracts rupees and move it to the arrow counter, same for adding arrow numbers to the counter when purchasing the item, and also adding the enemy drop for Arrows and make that drop increase the arrow counter too), but it is coming along nicely!