Aside from the armor and accessory and food, everything else should typically fit in the toolbar. If it doesn't, then it might be worth cutting back. You definitely don't need that many weapons, that's for sure. Pick a pair of weapons and just use that. Typically I go Frostner and the best axe for the tier. Bow for ranged and one stack of arrows. Shield is optional, I typically only need it when moving into areas my gear is a little underprepared for. Potions are the same, don't usually have it unless I've yet to clear a boss but am roaming their native biome.

Should always make a specific note for what you plan to do when you leave home and only bring what you need for that. Not going to be using a ship? No reason to take the harpoon. No chance of mining? No need for the pick. Not a combat heavy area? No need for potions or that shield. Not heading into mountains? Probably don't need that blunt weapon for stone golems.

If you want to pick a new task, always return home and exchange gear. That, or just take ships and carts with you everywhere and carry portal materials... that kind of thing. Somewhere to store things or get back to base to re-equip on the fly.