On the other hand, you could do that with modular powers. You would *not* get the mortal refresh bonus, and you'd probably only get a +1 back from Item of Power (since with many varied options you could easily pick something that wasn't bulky and obvious). So, for a submerged game, you could in theory get eight points of modular powers representing whichever items of power you have with you today. In practice, you'd probably need to work out exactly which items you've got stored, why you can't carry all of them at once, and might want to have more than one fate point to spare and maybe some mortal stunts too, but the rules mechanics seem sound even if the character concept could use some further details / restrictions.
[edit] Though it's worth noting that the item of power listing suggests that GMs limit (or at least take a long, hard look at) what powers can be offered by such items - and modular powers is definitely not on the list of clearly ok stuff. So don't be surprised if your GM says no to such a character; just because you *can* make something fit the game rules doesn't always mean it's an acceptable character. [/edit]