Both of these explanations are retarded. You can assign items to the hot keys for a reason. There is no reason to use multiple items out of an open inventory in combat. In the off chance that you need to pick up a new item and use it in the same battle, imp levequests etc., there is already a mechanic to use the story item from the quest descriptor on the right. I would much prefer a menu that blocked out my screen that I would only be able to access during periods of safety.

Further, the idea that you cannot display text because of limitations on the CPU pull is beyond insane. That is like saying that all shadow rendering should be disabled because low end PCs cannot handle it. No. You simply give options. If people over task their systems because they use a setting that their computer is incapable of, I see no difference if it is a list menu or a high end graphics setting. Let players decide what works and where they are willing to sacrifice.