yeah, how long does it take to whip your shortsword or whatever out of your glove of storing? Is it a free action? The description is that it's done with the snap of the fingers...
you may wish to look at Spellsword in Tome and Blood. (I think that's the right one) Then you can end up wearing one of those neat mithril chain shirts and have little to no arcane spell failure.
I'd elaborate, but I don't have any books next to me right now...