That skit is really accurate for my Gen 1 playthrough.
I'm trying to keep one of each weapon type on hand most of the time so I can get different animations for a sprite sheet. It's hard for Odin, because he has a pistol, a rifle, a sword, and an axe. Everybody else just has two weapon types, but Odin has to be a jack of all trades.
Considering PSII and PSIV... now I wonder if the Gen 1 inventory system was made per-character so they could reuse it for Generation 2. I'll have to check that game's system sometime to see how it compares.