Yes, but also, you could have a lightweight, but expensive, shovel that acted as a weapon and you could carry on your backpack rather than INSIDE it. (military style)
For example, in leather armor, you'd have to carry it by hand or in the car, but in combat armor (since it has a backpack) you could attach it to the backpack, as well as a flashlight, bedroll, watercan, multitool, flint & dry bark, map, and saltshaker (indispensable for retaining humidity in the desert.)
Now for useful items like pliers and screwdrivers, they could be put inside a "set" like a belt or a lockpick set and then instead of counting as 3 or 4 items it counts as 1 with a slightly reduced weight. (the toolset in fallout 2)
Also, what does a cutlass and a rapier have to do with usefulness? Except choppin up people....