Yes, a limited carrying capacity would be annoying, especially in a game where the intention is to allow a lot of world interaction (mushroom + weapon = poison weapon, healing potion + apple = cure potion, etc) and where everything not too big and not nailed down can be moved. At the start of the game it would be ok, but the first few levels should help with that, if you boost strength, and certainly by mid game you should not be making frequent trips back to a base or merchants to stay unencumbered.
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