Yeah possibly, although you won't see every weapon on your guy, just the items that're equipped.
I was actually thinking of something ever so similar, only deference being that by equipped I would mean hotkeyed (as far as weapons go at least).
As always, we'd be able to hot-key few of our weapons/staff things of such nature. The number of slots could be depending on the kind of armor/clothing we're wearing, and possibly be increased by buying extra pouches, straps and such and then "upgrade" our current outfit with them in a similar manner to NV upgrading (only that those attachments would be perfectly removable). The trick (also being a slight gameplay... Restriction) would be that once enemies appear nearby (or in andy state of -DANGER- just like with resting in previous TES and Fallouts) , we could only reach for the "equipped" sword, axe, staff, knife and so. Note that that would not apply to potions, and spells. This way game could not only for player to think, and plan ahead ( like in case of breaking into nobleman's house, assassination attempts and so on), but also get rid of "It would look silly if the game would try to show 'everything' you got there" problem. Also the ability to bear certain arms could be modified for a special kind of weapons for some characters, dependent on their perks/skills. It's highly likely that a master thief can hide a couple daggers or knifes (small sharpies) more that the average mortal.