There are many items that were never released in the original VMK. Some items, like Flying Carpet Magic, were teased by the VMK Team for the entire length of the game...but still never released. Below is a list of items that I would glove to have released in this game:
Offroad Blue Magic
Offroad Pink Magic
Yellow Car Magic
Flying Carpet Magic
Inner Space Suit Pink Magic
Blue Deep Sea Diving Suit
Captain Jack Costume
Red/Blue 50th Chairs (with and without logo)
Various Colored Flags
There are other items, to be sure. These items are just at the top of my list. You can find a longer list here: http://www.disneysonlineworlds.com/index.php/Unreleased_Items
Offroad Blue Magic
Offroad Pink Magic
Yellow Car Magic
Flying Carpet Magic
Inner Space Suit Pink Magic
Blue Deep Sea Diving Suit
Captain Jack Costume
Red/Blue 50th Chairs (with and without logo)
Various Colored Flags
There are other items, to be sure. These items are just at the top of my list. You can find a longer list here: http://www.disneysonlineworlds.com/index.php/Unreleased_Items