You can also throw items away by placing them anywhere that's not an inventory slot. They drop on the ground as tiny barrels :D
If you are right is a very good idea I like, I also thought about a construction in islands, And that add temperature so it is obligatory to go to islands, And if possible add rivers to catch freshwater fish
if the barrels roll into the ocean then I'm pretty sure you can't get them back so technically there is a way to throw things away xD