I personally do not make a note of the names of equipped items. Who does?
You have my sympathies, but it's just like vometia said: people have different preferences in game GUIs. That said, I never understood why people don't use multiple saves to avoid dead ends. There, I could ask, who doesn't?
In an ideal world, every game would have options to toggle these things. But that would also require much more development resources and time, which, alas, game companies don't have in this imperfect world.
I hope that this won't stop you to play this otherwise outstanding game.
Best regards
Raban