Demon Conch

One use drops you into the middle of the Underworld, free, as often as you like. Getting it means fishing in lava, which is a project of its own, but once it is in your inventory the whole reason to dig a shaft to Hell disappears. Carry a Magic Mirror alongside it and you have a two way commute.

The teleport hunts for a small clear patch near the center of the world, a few tiles wide, well below the top of the Underworld, on safe ground with no lava, no spikes and nothing that burns, and with no wall directly behind the spot it picks. If nothing qualifies, it dumps you at the outer edges instead.

The fix is to go once, lay three blocks in a shallow V somewhere central, and never think about it again. Drunk world seeds nearly always need this, since the middle of their Underworld rarely offers anything valid.

The wind-up is among the longest of any item and a failed attempt kills your momentum, so it is not an escape button. It does leave your remaining jumps and flight time untouched, which is the one thing in its favor if you misjudge a drop.