Pretty simple, really. Just make the hover boots a Roc's class item level 2. It would make several things easier.
Hover Boots->Roc's Cape
no, just no. I've grown attached to the hover boots. You can have your roc's cape but please keep the hover boots implemented,
Remember that, at least in sideview, Hover Boots by themselves have plenty of utility. (And if I ever get drowning/falling implemented, I suppose I'll be obligated to allow the boots to walk Link over these obstacles.)
Also, the Roc's Cape is functionally different from hovering. In Oracle of Seasons at least, it was identical to the Feather but slowed your descent for several frames.