Initial Glow - search for it. I think this takes care of the glow on items, not sure if hotkeyed items have something special!
I've tried initial glow, but that only gets rid of the shaders/glow that persist on your character/weapons if they're enchanted. What I would like removed is the special effects that happens when you use a hotkey to equip an item on yourself. It kind of circles around the character a bit. It's blueish.
I'd take a screenshot, but for some reason, it's not working for me. *Shrugs*