Hey I'm wondering if it is possible (and how) to actually change the encumbrance formula through a mod.

What I especially want is to make it so that max encumbrance is no longer defined by (only) your strength. So that stealth characters/mages don't have to level strength. IE the encumbrance would be something like:

maxencumbrance = strength * 5 + willpower * 3 + agility * 4

The magnitudes might be changed - but I think this brings the idea; make encumbrance not only dependent of strength.

Gameplay/Settings/FActorStrengthEncumbranceMult changed from 5 to 9 will increase the load multiplier, for a player strength of 40 the default max is 200, changing that number in CS to 9 increases it to 360. To change the formula itself so it has factors other than strength would probably require a script or OBSE, here's an anolysis of the encumbrance;

http://cs.elderscrolls.com/index.php?title=Encumbrance