I don't know. I'm not sure why you would need Link Restrictions. Are you saying, it would display a link if someone had an item, but if they didn't, it would not display the link? You could just make an Advanced Game, but leave the Change Editor Settings screen to its default settings.
You can write a story-game with no items, but have the character gaining an item as part of the story-text, and simply have a new branch of the story, where in it they have the item, and a different branch of your story, where they do not have the item.
Or you could simply say, Make a note, or Remember, that they picked the item up, and later, say that if they have the item, click on such and such a link.
One reason why the classic editor is good without variables, link restrictions, and item objects, is because (hopefully they're still working on it) there was talk of a PDF converter, that would number your pages, create links, and generate a printable book file of your game. That would not be possible if there were variables and link restrictions programmed into your story game, as a book can not choose wether to display text or not on the paper page.
