I think the best possible setup would be getting a falcon blade from an iron chest, and using this with full ancient shadow armour, and also a water bolt from the dungeon if you're lucky.
Times Past - Obtain a full set of ancient armour (cobalt or shadow)
Santa's Helper - Obtain the Rudolf Mount
Far From Home - Travel to the edge of a large world
The rare drop chances are what make Terraria for me, without them the game wouldn't be as interesting, and also that awesome feeling when you finally get a rare drop.
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