There are two different highlights for items in the game. Blue is for uncommon/rare items, and gold is for very rare items.
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The alexiparmic potion on arcuz doesn't do much of anything. It will (once in a while) give you more luck or allow you to temporarily be strengthens. Because of its wavering affects I tend to sell it.
no there is not one, but you can use cheat engine 5,5 to hack skill points and more .
In a way, yes. You can give items to your Pokemon and trade them.
The Trial Stone is a stone that you combine with any of the 3 combination stones and you will receive a Trial Gate.
Pokemon cannot hold items in Pokemon Blue, Red or Yellow. It was introduced only in the Gen II games.