.. Oh my god, oh no! XD That's not good. (Not Sarcasm.) ... Okay, let's backtrack then. I can see how it can be confusing. Besides, I don't phrase things as best as I can.
In Beta 16, (Or 15... I don't quite care to check 15 to see if these are in there or not. Doesn't matter anyway.) these are some new features in the "Counter" (Not block form.) of the Subscreen Editor. They're exhibited in text form in the first post.
Jman was nice enough to elaborate on their functions. There are now -three- counters that a counter entity can keep track of. Usually, it'd only be one. Say, .. arrows, bombs, keys, .. all on a single individual counter. Not shared.
However, now that we have three counters we can slap onto a single counter entity to keep track of, I would assume that the values of these counters are added into the value of that single counter. So, suppose you chose Arrows, Rupees, and normal bombs as the item 1, item 2, and item 3 for one (Non-block) counter. If you had 1 rupee, two bombs, and one arrow, the value in the counter would be 4, not 1 for 1 rupee and nothing else. (At least I'm hoping this is the case.)
My example above with the epic-level (AKA "Dramatically Overpowered." 🙄 😛 ) RING OF GODLY POWERS +15 ... was a hypothetical item you could create out of one of the new z items. For its values (Not the standard graphics values. All this is on the tab on the right; the Actions tab.) ... ... Well, actually, all you really need is its mere presence. So you can set the "Infinite Character" pulldown to this new z item. When you get whatever item is listed under the Infinite Character pulldown, the counters listed for these would become infinite, similar to how the magic key gives you infinite normal keys. In fact, I'll bet that that's already the case with the keys. The Magic Key would be set as the Normal Key's Infinite Character item.
Now, one thing that's bothering me a bit, is that each counter (Item 1, Item 2, Item 3.) default to Rupees. Now, .. Rupees, .. isn't "None." 😛 I'm sure you can see how that would cause a bit of paranoia.