Sure, it could be limited in some way. Maybe you're limited to carrying only one armor or weapon in inventory, or have it temporarily sap inventory slots, but every weapon and armor are can't necessarily be super heavy.
Hehe, nothing like having a conversation over the course of 5 years or so. I'll check back for another reply in 2012.
Hahah, is it 2012 yet? Great initial post, by the way.
The idea of carrying weapons/armor in an equipment slot has always been in contention. Realism, restrictions, versus fantasy, gameplay, etc. It's a tough decision to make because players want to rake in the cash/crystals, and the value of weapons/armor is high. There's a point in the game that players accelerate in their crystal collecting (when a line of logistics with bases has been established), and it bothers me a little bit. For example, once you're fighting on level 4, crystals become nearly a luxury rather than a necessity because it's so easy to cash in a pair of weapons and armor for 100k+.
The idea of adjusting the number of equipment slots based on STR works well, simple enough to understand... it could be applied to weapon/armor slots as well. Also, implementing a weight for EACH item was considered, but it was abandoned due to the necessary micromanagement of inventory. Yuck.
In the end, Scarcity is a common theme in the game, and whoever said "Overkill has NEVER been nice" is dead on. Maybe in the future, in another game, a different system can be worked out. Maybe in 2012.

-Dustin