I understand the concern that removing a large weapons and armor list would reduce flavor provided by the PHB, but I see the list as a limiting factor. The plan is to provide balance so that there is a good reason to use any type of weapon. I do not want to take away anyone's cool toys, I want to give you what ever toy you can dream of, and let you use it in a functional manner.
The concept is definitely planned to be the skeletal design. I think adding weapon properties (damage types, reach, defensive, and so forth) is a great way to spice things up.
I like the idea of having a max str damage bonus for the lighter weapons, as mentioned by Exploder Wizard.
Want to use a Eastern European style Kilij? Use heavy weapon stats. Roman Gladius? Light weapon stats. Cestus? Light weapon stats. Ceremonial tooth bladed war club? Heavy weapon stats. Broken manacle chain? Light weapon stats. Bladed shield? Heavy weapon stats. Footman's Morning Star? Medium or Heavy weapon stats, which ever flavor you prefer. Care to spice it up? Add a weapon property that fits- high crit, faster speed rating, larger die damage, whatever your heart desires.
Same goes with armor. Steel reinforced lamellar? Medium armor. Woven hags hair? Light armor. Gorgon Hide riveted to rubber pads? Heavy armor. Add properties if desired and in balance.
My plan is to give the players EXACTLY what they want, and make it work. Sure, the PHB can keep weapon and armor list, let's just remove the limiting factors.
Also, I think the weapon speed mechanic is a great way for determining multiple attacks and balancing the effectivness of lower damage die weapons. Someone attacking with a fencing foil can definitely launch more attacks than someone using a greataxe, but the greataxe packs much more wallop. Perhaps I should propose that weapon speed idea in it's own thread. I'm new to forum posting, but no longer shall I lurk in the shadows. Thanks for responding!