Even when farming mobs, the delay between me sheathing and drawing my weapon is still painful. It can be circumvented with effort, but that takes effort.

I'd quite enjoy the ability to keep my weapon brandished in these situations, even if it's limited (like, say, a 60-second time limit before you're forced to put your weapon away against your will, though you'd need some method to elect to put it away on your own if you didn't want to run around looking awkward after a few sporadic fights).