Most armor and Jewlery is junk, sell them off. I'd hold on to 2 rings that give 5+ to magic def and the rest that you get the most benefit from.
Every slot, except quest stuff, will take up 1 encumbrance regardless of how many of that item is stacked. The lessor charms are best to just sell and use minor or above.
Don't waste skill points on the encumbrance skill, you'll get storage once you conquer the battle tower.
