I like your ideas, especially upping the danger factor and having degrading items.
Version 1.04 allows us to stack items manually! I'm not sure what "Tools to work after 45 mins ( ish ) of game play" means, can you clarify?
What i meant was. after a point of playing, when i tried to switch to a tool e.g. spear. It would not allow me to click and attack with it. Instead my character just held the took by his side vertically. and every tool i had from then on didn't work. Spear, Fishing Rod, Hatchet etc. :)
And yes i noticed the new 1.04 update fixed that which is brilliant. But I now wish I could split stacks and place one item at a time in an inventory slot. Although this is not as important as my other ideas. :)