I used a lot of logic in trying to determine how to undermine the powers of Nayru's Love. I first tried pushing the magic spell to the limit by using some of the glitches with the biggest effect on other elements of the game: invisibility and swordless Link. However, despite my efforts neither of the 2 glitches had an effect on Nayru's Love. I tried playing the song of storms and then casting the spell but it still used magic. (Playing the song of storms and then using the lens of truth doesn't use any magic at all.) Then, I realized what must be done. The game would not recognize what to do in the event that the user died while using Nayru's Love. I could think of 2 ways to do that.
The second glitch is much better than the first. Get low on life and then warp to the Fire Temple. Don't enter the temple. Put on a tunic other than the red one so you will die. Cast Nayru's Love and then die from the heat. When you continue you will still have Nayru's Love activated but no magic will be used until the screen refreshes. You can use the lens of truth or use a second Nayru's Love while the original Nayru's Love is still in use. However, if you try to use one of the magic arrows or Din's Fire the game will lock up with the yellow bar in the left. If you use VGX's debug code it will give you some really strange screens of what happened. I tried the trick by losing my life by drowning in the water in the water temple so I could try to see what happened when you used Farore's Wind. The game doesn't always just lock up like with the others: sometimes the screen goes completely black. I'm not sure if the debug code will work with it because I shut off the game right after it happened.
Nayru's Love Glitches
The first glitch is more harmful than helpful. Use Nayru's Love and play a warp song but don't warp. You will lose life when hit and the magic meter will still be going so you still can't use magic. However, it doesn't count you as using Nayru's Love so it won't run out. Play a song that isn't a warp song or exit to a new screen to get things back to normal.