They could simplify down the number of magic items just by getting rid of "standard issue" magical equipment other than weapons and armor.
Gloves of Dexterity, for example, were essentially standard issue. Same with Belts of Strength. And Cloaks of Resistance. The Cloak slot was almost worthless past a certain point, because everyone had an identical cloak of resistance.
Eliminating the need for these items would do a lot to reduce the number of magic items characters carry about.
If I tell you I have a level 15 fighter in 3.5 who uses a sword and shield, with just that information you can probably guess one of my rings, my amulet, my cloak, my belt, and my gloves. Its going to be, Ring of Protection, Amulet of Natural Armor, Cloak of Resistance, Belt of Strength, and Gloves of Dexterity. Kill those items and we could get somewhere.
Once you've cut back there, you can spend time making the remaining items useful. Its always better to be Johann, Wielder of the Stoneshatter Maul, then to be Johann who's got a +3 hammer and is looking to pawn it to get a +4.