Question

Is there a specific item more powerful than anything else?

Answer 1

Iron Ball = 130
Fossils + Old Amber + Hard Stone + Rare Bone = 100

If you wanna status problems:
King´s Rock + Razor Fang = 30 + Flinch if faster
Poison Barb = 70 + Poison
Toxic Orb = 30 + Bad Poison
Flame Orb = 30 + Burn
Light Ball = 30 + Paralyze

Comments

It should also be noted that when you fling the item, you lose it permanently. That one's bitten me before...

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Also if you don't want to lose that item give the attack fling to mr.mime or any other pokemon who can learn recycle. also remember that if the attack is going to knock out your oppenent you will not get to use recycle. This will only happen if you are up against one pokemon

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Did you include things like poke balls (Master!).  Amaxingly, they can be held!  Also what about evolve items like raxor claw and fang and the protector item?