I recently found Labrynthian (excuse spelling), and found myself to be over encumbered when picking up four magical staff's (staves?). I entered a quest through a maze and found that being over encumbered forced me to walk the maze which I actually found to be much more interesting as I noticed nice little detail in the graphics and it just felt right to walk the maze rather than run through it.
I did notice something and I dont know if you have noticed this too, whilst being over encumbered I found that walking with my Bow drawn and aiming actually sped my walk speed up a bit which helped. I dont think it works with swords etc though.
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