I would like to see a combo approach. I don't want to have to craft or buy arrows (or oil weapons/repair armor), but I like the idea of the danger of running out in the middle of a fight, and I like the idea that Larian could throw a survival-type scenario at us.
What if an archer could equip a quiver that holds 20± arrows, and when you camp, it refills? Instead of just reading or praying or meditating, the animations could show armor/weapon maintenance and arrow crafting? Want more arrows? I could see sacrificing an equipment slot (amulet? cloak? off hand?) for the option to equip another quiver. Magical quivers could hold more arrows. Magical arrows could "take a slot" in your quiver.
Quivers could also be refilled while exploring (in boxes and on dead enemy archers), but you can only carry 20 per quiver at a time.
Of course in order for this to work, inventory management would need to be changed. No more free equips, or free steals from your allies