I'd rather see bags with more space and different sizes (more slots than 4 as well). RP and mechanic wise would work like you either carry stuff on bags on your clothing, not all scatted over 7-9 pages of inventory.
So if your bags get confiscated you lose access to those items, if you're stripped down, anything outside of the bags goes along. The tool suggested by the OP would function here, you target the PC and all his bags become unavailable, locked even if it's even doable script wise.
Besides, we could have wardrobe and crate items that RP wise stay at some place, for example, a wardrobe at the Lady's Rest inn room, you must be inside the room in order to open the wardrobe item/tool that is inside your inventory. It would have a 100% weight reduction and the item/tool itself weights nothing. Too much hassle for nothing?