What reward can I get from fishing at the Fishing Hole? Is there treasure or equipment to be won from fishing, even if I catch the Hylian Loach?
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You can earn a heart piece if you catch a fish as a kid, and the golden scale (which allows deeper, longer diving) as an adult.
As per Krazer, in the comments, there is a 50 Rupee reward from catching the Loach, and the owner will refuse to keep it in the fish tank (where your record catch is usually displayed).
Raven Dreamer
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1No reward for the loach... expect for a purple rupee (worth 50 rupees). Talk to the pond owner after you catch one and select the second option "I want to talk about something..." – Krazer Dec 24 '12 at 18:58
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@Krazer Whoa. I had no idea fishing in Ocarina of Time was so well documented... – Raven Dreamer Dec 24 '12 at 19:45