I did grind smithing but only to get the best steel weaponry. I see "improving" as maintaining and not crafting. I work on the assumption that my character knows how to care for his weapon. If you think about it, the whole "improvement" thing really isn't right. Master smiths do not make "improved" weapons out of mediocre ones. They make great weapons from the start.
I only carry what I could realistically carry. No more than two major weapons (anything other than a dagger, includes staffs), one bow, 50 arrows, and one suit of armor that I am wearing. Anything more than that stays where it drops. I stay under 10 potions, five is better. Oh, and lots of junk that somebody else wants that for some reason I am unable to drop

. My primary is a light armor swordsman so I stay under 100. My legionnaire is heavy armor so I stay at under 200.
Use cutthroat merchants mod to vastly increase buying and decrease sales prices. My own mod to drastically reduce gold in the game. Anything that makes wealth harder to come by.
I do like to stop at inns, pay for food, drink,and a song, and then a night's rest.
No compass markers. No radar ("interesting thing 20 paces left") helps so much.
I do not play dead is dead. Would love a mod that made me lose my equipment though, as though I was robbed but not killed. Wake up in the nearest inn as though rescued.
P.S. None of this is "you should". Do what you want to do. I read these threads as sources for ideas.