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Bringing the warp ring back would be fun. There could be some quest to obtain it, and specific warp areas in each town. When inside these warp areas you use the ring, allowing you to teleport to one of the other warp areas.
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Not a bad way around not making it so OP. Another way which I found particularly nice is in Thor's version of classic where there are statues hidden all over the the overworld and you can only sync your ring to one of them(and thus are only able to use your ring to teleport to that statue).