Some DUDE said they wished lanterns were in BOTW so here i am! I made due with what I'm able to do. I know theres a lot of stuff you wished this lantern did but I've probably already tried to do it and the game just doesnt like it, so this mod is what DOES work.
This lantern is the Old Man's lantern stick, without the stick. It replaces the torch. You can take it out and it looks weird when theres no fire in it, but looks normal when lit. I can't get it to light itself when taken out, but if you take out another weapon and switch to the lantern it will light itself. Weird I know but the game wasnt designed to do any of this in the first place so this is what we got for now! If that was confusing heres how its done.
A sucky side effect is that it will blaze up any tall grass around you so, use in grass with caution, or just keep it moving so you dont burn yourself. OR just use this for trekking through the snow, sand, and rocky areas. This will also of course stay lit when in the burning hot areas. And it has infinite durability!
I did my best! I hope you enjoy! I'll continue looking into this so hopefully i can push a nice update to this once day.