I will say this: It is a good idea but only if it entails considerable changes to several other mechanisms in the game.
As a result it would require a major overhaul of the engine in several areas.
Now, you cite item destruction as the main reason for carrying lots of items - the chance to destroy a specific item is indeed diluted when there are many more items to choose from.
I disagree with this approach. I don't carry many items due to item destruction rate, I prefer to mitigate that with blankets and rings of ice/fire.
Instead I carry them because they *might* be useful.
That's the whole problem with items. There are sooo many combinations, prefixes, suffixes, unidentified potions, scrolls, books, wands, amulets, rings...
The entire item system would have to be thoroughly overhauled to accommodate item carrying restrictions that you propose.
You'd need to increase the drop ratio or scrolls of ID to give players sufficient means to sift treasure from junk.
Without that, players would start stashing unided items that weigh them down and return later to identify the heap and maybe find something nice/useful/potentially useful there.
Results? Lots of backtracking, slowing down of gameplay, hoarding of items in dungeons for later use and scumming for scrolls of id.
Deep, dead-end dungeons would have to be done twice or three times since you continuously gather items only to have to drop them every now and then to return later because you ran out of scrolls of id.
Holy water would suddenly become insufficient because half of the time you'd be using it to uncurse items you wanted to equip-id or bless another stack of 9 scrolls of id.
You get where all this is going?
Implementing what you have suggested would enforce the need to implement a lot of minor and some major tweaks to the game.
Virtually limitless carrying capacity, irrespective of item size/shape allowed adom to develop a very complex system of items that vary only a tad little bit between each other.
Because there are so many items around, you inevitably fill your inventory and so it has to be expandable in the most streamlined way possible - by carrying capacity that solely depends of weight, not volume.
In the end you'd have to slice item diversity by 75% (can't imagine people agreeing to this) or force players to be bogged down with item management for the rest of the game.
A very poor feature if you ask me.
Voting no.