If anyone else has already thought of this, I'm sorry. I was thinking about the limited inventory space you have, the fact that your tools don't break, etc. You don't really need a scythe or watering can when exploring the Skull Caves, do you? And you don't need those weapons when farming, right? Yeah, you could easily just have a chest for tools, but why not make a tool rack so you can just pick up/drop off the tool you need as you need it? It looks better and requires two less clicks.
Heh, yeah. I'm for it, though I'm not entirely sure I'd use it...since once I get to a certain stage I basically keep everything but my watering can on me. =x