Amazing idea, I think this idea of yours has a lot of potential. trashing items really took a very long time, so I just stick to using small weapons that could fit anywhere and had no problems with inventory management afterwards. I think the weapons attack speed needs to have a pattern to them. I think that the same weapons having very different attack speeds was just weird, maybe it's because of those weapons' prefixes, but I didn't even paid much attention to prefixes anyway, the texts were just too small, and I couldn't pause the game to read them, so I just look at elements and damage and that was enough to take me to the ending.
Stacking rings was very overpowered, I think the character could have slots for equipment instead of the backpack, or maybe even both, that could make the player get items such as armors, shields and stuff like that. This would give the player around 2 slots for rings, which would make stacking them impossible (I had like 3 1x2 weapons, one of each element, and then the rest were just defense and attack rings, I took almost no damage at all).
I also encountered a problem with the character passing through enemies, I have no idea what caused it.
Very cool idea, congrats!