Everyone loves encumbrance. It's maths and maths is always fun, right?
So, we're ignoring the encumbrance rules. As long as you are happy for me to say "that's stupid, you can't carry e life-sized elephant made of platinum" I'm happy for you to not bother about counting pounds and ounces.
What you do have to bother about is where you are storing an item. Is it in your backpack? Is it tied to your belt? Is it in a scabbard slung over your shoulder?
Why? This will provide some limits. For example, you can generally only sling two or three things off your belt before it falls down around your ankles. For example, it generally takes one Action to retrieve an item from your backpack.