"Oh the things that would be possible"
Indeed. There'd be a lot more good things, but there would also be a much greater capability for the bad -- exploits and such.
SOE chose the safe but limited route. Blizzard chose the open but exposted route. Two different companies, two different games... it's pretty much pointless to say "But if Game X had the features of Game Y"
As for it being too much work... the game remembers your bag positions. So if you set it up once like that, you should be pretty much set.
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