I don't think new content needs to be released all at once. I personally see nothing wrong with adding a new, inaccessible area as a little 'tease'. Then release the required item.

I myself think the game needs more challenges or games. Stuff like Archery, or sparring, that doesn't need a big award, gralats for a game would keep it alive longer than if it yielded an item anyway. That sort of thing is a great way to fill content, as an alternative to items. You could even rip and edit a few events to do it.