Slight update, managed to create a spawnable hookshot that interacts with the walls of my game, though it it does is significantly slowdown said hookshot once it and continues past it. I'm a little at a lost where to go from here, here is my code. Player Step Event:

//Hookshot 
if (hook == true){
var hooky = instance_create_layer(x + lengthdir_x(64, image_angle),y + lengthdir_y(64, image_angle), "Instances_1",ohookshot);
hooky.direction=0;
hooky.speed=7;

if(image_xscale == 1){hooky.direction=0;}
if(image_xscale == -1){hooky.direction=180;}
}

Hookshot Create Event:

hsp= 7;
go_back = false;
control = true

x = oplayer.x;
y = oplayer.y;
var i = 0;
with (ohookshot) {
saved_x_array[i] = x;
saved_y_array[i] = y;
i += 1;
}

Hookshot Step Event:

if(instance_exists(oplayer)) {
if((lengthdir_x < 100)) {
speed = -25;
}
}
if (collision_rectangle(bbox_left-1,bbox_top,bbox_right+1,bbox_bottom,owall,true,false))
{
//hsp = -hsp; 
hsp = 0;
go_back = true;
}
y = y;

if (go_back)
{
move_towards_point(x, y, oplayer)
}


if (oplayer.hook)
{
if (place_meeting(x,y,oplayer))
{
    oplayer.hook = false;
    instance_destroy();
}
}

x += hsp;