Quote from Solairflaire:
The question is, how much do you want to see someone go in and out of the same cave?
Same problem as bomb and arrow upgrades in ALttP, really. Getting them seems more "legit" in a hardcore kind of way, but it is neither fun to watch nor do. They aren't required in ALttP, obviously, so there's some precedence for leaving some things out of the definition for such purposes. That said, some items under debate have a significant effect on gameplay (blue ring, for example), but bomb upgrades really just let you go "Ahahahahahahahahahaaaaaa! I will blow up all of Hyrule!" which may be amusing, but only saves time in 1-5 second or so bursts that are dependent on enemies cooperating. Plus, 100% ALttP gets Red Armor. I still lean towards getting the shield upgrade, too.
But the math is much more forgiving if bomb upgrades are left out. If the 200 rupees are subtracted from the 650 total, that leaves 80 required from drops/money making game (450 required, 370 from overworld, 450-370=80).
So I guess I lean towards getting everything mentioned but bomb upgrades, and allowing hearts to be spent so long as they are all acquired.