I equip it when I need to get close to the Darknut/Iron knuckle/whatever they are. And then unequip it when I'm out of range. A bit of a hassle I know, but the Cave of Ordeals slowly depletes my hearts, and potions.

Or you could just equip while having 0 Rupees, put on the Iron boots, take out the Ball and Chain, then go for a walk in the snow.

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