In the past we've had ridiculous amounts of gear on characters and just didn't worry about it. Same concept some groups will have for tracking ranged weapon ammo and food. I think that's fine if you don't want to have a (micro?) manage character inventory, which there is a good argument for in my opinion. For some it just gets in the way of the fun.
However there is just a good an argument to making your characters be far more reasonable in gear distribution. I think it would make the party really think about how they are equipped, causing them to work more closely together in what they plan to carry. It's almost like making sure you have a certain profession distribution among the characters.
I'd say you should be able to carry something along the lines of...
Lower Leg: Small, thin weapon (normal to larger dagger?)
Upper Leg (Hip): Medium thin weapon (broadsword) - Bulky small weapon (hand x-bow?)
Lower Arm: Tiny weapons (small dagger or darts?)
Upper Arm: Small, thin weapons (normal dagger?)
Back: Large weapon (2H-Weapon, Bow, Staff. Med X-bow with a pack, large one without a pack)
Waist: Maybe 1 larger back, two mid-sized ones, multiple small ones.
Chest: Multiple small weapons (throwing daggers, darts, etc) to a couple daggers?
You need to think about how the body moves and when things would get in your way. Technically I could have a broadsword on each hip, darts on forearms, dagger on each upper arm and lower leg, x-bow on my back, etc. but those things will get in the way in combat (I might draw the two broadswords, but I still have a x-bow on my back).
If building a character where this was kept track of I'd probably set it up so I could easily drop my pack and/or non-weapon gear belt on a moments notice so those wouldn't interfere with combat movement. Maybe have a belt with the larger pouches that could easily/quickly be removed and separate one for weapons and some of the smaller pouches (so you're not dropping your money pouch on the ground).