Here's my idea.

Item of Kickbutt-Goodness is laying on the ground, obscured by a tree as the PC runs by..

I think if the item passes within a small radius of the PC, it should light up for as long as the PC stays within that distance like using the 'Alt' key. (this would simulate the PC noticing something strange laying on the ground, near him, as he passed)

I think that the 'Alt' key should be used for active searching.
An Example.. The PC must be standing still. (not running or walking) When the 'Alt' key is pressed, the screen goes darker except a ball surrounding the PC. Since the screen is now frozen, the mouse can be used to move the ball for an active search. When the ball crosses over the item, it is easily displayed within the ball. (this would simulate the PC standing and actively searcing for something different; the PC could rotate, or even follow the search ball slowly as if actually looking at the spot that the search ball is over)

The same idea could be used for secret doors as well.

I know this would take some serious coding, but I think it is the most user-friendly and realistic way possible.

Epideme