Depends on the situation. But assuming you take into consideration, combination(s) with other item(s)/ring(s) and always in relation to certain scenarios, i certainly recommend:
1) Perfect Magic Quiver or Perfect Magic Rod, for normal mines/caverns + Mermaid Boots, Iridium Band/Napalm Ring + Burglar ring/Lucky ring
2) Basilisk Paw + Dragonscale Boots, for Dangerous mines/caverns and Volcano, Iridium Band/Napalm Ring + Burglar ring/Lucky ring
3) Fairy Box + Cinderclown shoes, when in shortage of food, or in dangerous mines forest (ideal farming place for hardwood and radioactive ore)