Actually, for lore purposes it would be fine if it only worked with light armor. Regardless if it's just light, or light+medium+heavy, this is a clever solution to balancing pure rangers with monkchers. Just sprinkle in armor requirements and voila, problem mitigated.
Stack size in inventory is a superior solution to quiver hotkeying for a simple reason: You can hover your mouse over a hotbarred stack of arrows to remind yourself what it is.3. Please fix arrow stacking or quiver hotkeying so that archers can actually effectively use their various arrows.
I could envision having 10 different stacks of 300 bane arrows (from inventory) on a hotbar, and could then easily refresh my memory as to which is which by either hovering over them, or in the case of holy arrows just see it by the different icon.
By contrast, if we could hotbar quivers for fast switching, you'd end up with a bunch of identical quiver icons with no way to easily remind yourself which one was which.
However, and I can't stress this enough, it's all irrelevant if we don't get some kind of fletching. If we can't make ammo returnable, all anyone will ever use are the boring AA returners.