I get where you're coming from, but I don't see how it helps. You can only use one item at a time. There could be controls added to differentiate between using left hand and right hand items, but I'm trying to think of scenarios where that works. I'm drinking coffee while beating someone with a truncheon? I'm arresting one guy while taking a picture of them? I'm joking a bit, but please let me know if you have something in mind as I genuinely can't think of anything.
Instead, there's a few ways I'd suggest to get the same effect you want--less time in menus--but done differently.
-There could be dedicated eating and drinking buttons, but that would only solve that problem.
-What if inventory spaces could be designated hotkeys, we could swap the spaces items take up in inventory, and/or specify tags for them so that items picked up automatically assign to that slot if it's open? So if you had the initial 4 inventory slots, you could assign the leftmost slot to 1 and tag it as weapon. If you acquire a weapon, it'll go to this slot and can be equipped with 1. The same can be done with food and drink. This improves the current system as only items can be hotkeyed, and the hotkey is lost if you drop the item, and even if you pick it back up again.