An emulator plugin.
Requires Project64 v2.1 to be running with "Rice Video 6.1.8 (Aristotle).dll" as the graphics plugin.
While the game is running doubble-click the "OcarinaIM.exe", a new window should open displaying the current contents of the character's inventory. Dragging and dropping the items in this window changes the memory of the game allowing one to rearrange the inventory.
Demo video: https://youtu.be/AToCDzo-5W0