On the issue of the toolbelt for potions (and possibly other items): yes. In
Oblivion and
Morrowind (and the latest
Fallouts, for that matter), there's really not a whole lot limiting how you can heal or buff yourself in combat.
Oblivion tried to, both by preventing you from applying the same effect twice the same effect twice (which was easily circumvented by the fact that a potion that heals over a course of 8 seconds counts as different to one that heals over a course of 7 seconds), and by limiting the total number of effects you could have active at a time (which was a "low" amount of 5). Every time your health/magicka drops significantly low, there's nothing stopping you from opening the menu and drinking enough to get you back up to safer levels in no time. A toolbelt limiting what potions you can use and how many you have available in combat could address that. Maybe.
Alternatively, another option could be that not all potions work instantaneously. You don't quaff them down in the menu, you do so in real time after exiting the menu, and it will involve making yourself still and vulnerable for a few seconds. Hmm, that might actually be preferable.
The issue concerning weapons is a little more gray. Yeah, we can carry enough to arm a whole battalion, but sometimes (or rather, most of the time), we really carry the gear to sell off later. I think what should
really be done is that you should never be allowed to change what you have equipped in the midst of combat. Putting armor on and off can be difficult and time-consuming, as is sorting through your pack (or wherever it is we store all our crap on our person in TES
) for the right weapon or tool for the job, and you're never going to do either when someone is trying to kill you.
Point is, in both these cases, I want a system that encourages you to fight intelligently, makes you
really not want to get caught unawares, and doesn't just depend on you hording a bunch of stuff.