I am trying to have an open-mind when reading your post, but to me, adding restrictions that have to be thought of only stifle your limited game time. If you have limited time to play, why not just play freely, and not put too much thought into it.
[You must be logged in to view images. Log in or Register.]
If you want to immerse yourself into the world of EQ, in ways that are impossible on other games, I would suggest you do something similar to what Greengrocer has come up with. He roleplays an actual grocer, in EC and has come up with imaginative alternate gambling games to accompany his "grocery store" in the tunnel.
Perhaps you could create a blacksmith who peddles your wares in the tunnel alongside Greengrocer? You mentioned you wanted to craft banded armor etc. I am sure the ideas are endless, that's for you to choose of course.