This is a Divinity game. You're going to have insane amounts of junk in your inventory anyway. Hell, I don't craft and I keep picking up everything just in case I have a use for it later.
But fair enough. You are right that a simpler solution cuts out the middleman and just has items auto-identified via Loremaster if the player has the appropriate level. They could even put a magnifying glass icon in the interface which is disabled unless the player has Loremaster 1+
