Holy wow. I'm on my 3rd monk on this server and I'm running my 3rd at L40 right now at 90/105 wt. All bandaids and javs...with a few empty or cloth items in several gear slots - while stacking nothing else but HPs.
I've got a fungi and good haste, granted, but even on my first monk, I leveled quickly and essentially disregarded weight. Sure it's a penalty. But so's a parking ticket that costs a quarter. Apart from being a douchebag by parking stupidly, the penalty isn't that significant.
Point is, there's a sweet spot for productivity/leveling/pulling/downtime/deaths - and for me, it's being nearly overweight with bandaids and javs. YMMV, of course. But my monks have been neither ineffective nor fragile.
tl;dr? figure out how significant the penalty is (threshold) before you start making extreme choices
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