*sigh* Everytime I see these threads its always full of scrubs who think every item under the sun will be turned on and item play forced into normal tournament play. This however would not be the case and instead is simply an alternative much like B+ is to VB.
Tc: Jack (creator of the item standard) already requested some of the things you suggested a long time ago to go with the item standard play developed for VB. Although the coders can do a lot more since than I still think it'd be good to keep things simple first and simply mod things like item spawn time and a consistent location. Then combine these two codes with the ISP (
http://www.smashboards.com/showthread.php?t=164675).
For those too lazy to copy pasta here is what is allowed for VB play.
NEUTRAL ITEMS:
(Sandbag) (Food) (Warp Star) (Bunny Hood) (Beam Sword) (Lip’s Stick) (Star Rod) (Super Scope) (Fire Flower) (Motion Sensor Bomb) (Freezie) (Smoke Ball) (Pitfall) (Mr. Saturn) (Green Shell) (Banana Peel) (Franklin Badge) (Screw Attack)
COUNTERPICK ITEMS:
(Assist Trophy) (Dragoon) (Metal Box) (Home-Run Bat) (Hammer) (Ray Gun) (Cracker Launcher) (Gooey Bomb) (Hothead) (Spring) (Unira)
BANNED ITEMS:
(Smash Ball) (Pokeball) (Containers) (Blast Box) (Maxim Tomato) (Heart Container) (Super Mushroom) (Poison Mushroom) (Starman) (Superspicy Curry) (Lightning) (Fan) (Golden Hammer) (Bob-Omb) (Smart Bomb) (Deku Nut) (Bumper) (Soccer Ball)
When coders get more time and B+ gets more or less stable than work on making banned items feasible.