This idea here considers being able to carry a specified total amount of each reagent without penalty, and those maxes may be upgradebale, similar to your wallet in Zelda. It's early, so we'll see how it works out, but I think having per-savefile options is a cool idea.
That way you can have an ultra vanilla experience or a more customized one. But the Ultima IX version where you can't stack reagents and they all take up slots in your backpack... is THE WORST. Item management is my least favorite part of Minecraft, too. It's called Minecraft not ItemSort, after all.
And what about consuming reagents you placed on a pentagram in the world to learn spells like in Ultima IX? It's an interesting idea, and we'll see if there's an interesting way to do something like that. And also charging wands? And also Eye of the Beholder? you can use a spell to consume it for one (possibly more potent?) use, or spend time to learn it instead.
Here's the original fb UDIC post.