seen on this video
https://www.youtube.com/watch?v=QiTLjhtwxD0&feature=youtu.beits clear you can do unrestricted items,
for some reason first person mode logs the usability status of your items on the slot, however it doesn't seem like you can just exit First person mode and mash the button to get it to work,
is there another step?
You just have to be frame perfect
and have the pictograph. I just confirmed that it still works on 1.1, so it's all good if you want to run around as FD Link all over the place (but the game often crash when you try to open doors or talk to people).
My method is basically: Place usable item on Y. Enter Pictograph, open Items/Masks and replace the Y item with a restricted item, exit the inventory. Press B and Y at the same time.