" You could only have 2 rings and 1 amulet in existance at a time. If you wanted to change from one ring to another you'd have to trash or somehow destroy said ring (they wouldn't be lootable). This would stop people from having 10 rings for each occasion that might come up."

I completely oppose the idea right there. Make them lootable, and if people have rings in store, that's just fine \:\)