That true. But it's a pain to switch weapons in that case, which IMO is the penalty in using the locked gauntlet. There's a drawback there, so I feel there should be some drawback to the weapon rings, if only making it a move-equivalent action.
Not really, since if you do get disarmed, the weapon rings do not provoke an AoO. And, if you're away from a weapon, you can have it in your hand from 100 ft away. It has limited use, but for a free action it might be a bit much. In any event, it's the original poster's choice. Doesn't making it a free action make it better than a glove of storing?