What I think? That what you describe here would discourage players to use a lot of combinations/spells/skills/... for that would lower chances of valuable loot. The community won't like that.

And you're completely wrong regarding the lockpicking issue. Without a key, the only way to get in beside lockpicks is (*) hack & slash using primary weapon : this will deteriorate the status of the weapon very rapidly (even if it's a bow) (*) you can use magic spells, but that takes an awful lot of time.