Originally Posted by Aramintai
make identifying and crafting possible from any character inventory, with the Loremaster, Crafting ability level taken from the character with the highest score. Constantly dragging items from one inventory to the other is an annoying chore as well.

I'm not sure about crafting (never tried it), but what you want is already possible for ID and repair. Two ways:
(1) Open inventory of both characters at the same time (the guy with the item to be IDed/repaired, and the guy with ID/repair skill). Use the glass/hammer from the loremaster/blacksmith's inventory, and then use it on the item in the other guy's inventory. The loremaster/blacksmith will run over to the other guy and do the task.
(2) Put your ID glass or repair hammer in the hotbar of your loremaster/blacksmith. Select your loremaster/blacksmith. Open the inventory of your guy with the item to be IDed/repaired (by right-clicking on the guy's portrait), hit the hotbar button, then select the item.

My biggest beef with inventory management is actually something you didn't mention: the order that your items are displayed in the barter window needs to correspond with the order you see in your inventory window.