Ya, like some mentioned above, if you go into third person, sheath your weapons, then position the camera so the character is in the center of the screen and pull the camera back or move it forward as you please. When you go into inventory, you'll see it overlap on the character. Not an elegant solution, but there you have it. I miss paper doll also

I have some ideas for how to better the whole inventory/favorites UI in general. If I feel ambitious enough, maybe I'll post it.