for the record this is an idea for skyrim not oblivion
a while ago i came up with an idea to resolve the nuance of how weapons and stuff always floats at your hip or on your back. my solution was to have quivers and sheathes as actual equipable items, which could be enchanted etc do give offensive bonuses etc. the sheathes idea dosent work as well but with quivers it opens up a huge range of upgrade potential. larger quivers that hold more arrows and so on.
over time Ive developed that idea into a vague sketch for an overhaul as its not something bethseda would ever buy into. my idea was to hugely decrease your weight limit, in return allow you to carry multiple weapons on your person ready to equip. it would work so that you could have a two handed weapon, bow or two one handed weapons, or a shield equipped on your back which would be automatically hotkeyed. (alternatively dual wielded one handed weapons could be placed at the hip.) one or two daggers could be eqquipped at the hip as well as pouches that can be filled to a limit with potions, herbs and poisons. (one for each. only potions stored here could be used in combat). i think this would add some vague realism to the game as opposed to running into a dungeon with 3 bows 2 sets of armour etc. i should add that items you have eqquipped wouldnt add to your wieght. an alternativer idea was limiting the number of things able to be carried in the inventory.