I'm hoping I stumble upon an enchanted Daedric Bow since I'm doing limited smithing, no enchanting, and no conjuration.
Combine that with my deadly alchemy skill with great poisons, I can have quite a bit of fun.
Great post, OP. Makes me consider making a thief who doesn't invest in Smithing (because honestly, feeling obligated to do so is kind of annoying). Without Smithing, I can just put five points into the +20% armor perk of my choice and viola: my unimproved armor is just as effective as a fully smithed set with only on point in said perk. In the end, that saves perk points; Smithing is expensive in the long run.
Using Lockpicking will be a great way to get good weapons and armors without smithing them, as well as give me a means of moneymaking (and a way to escape jail with that perk that prevents lockpicks from breaking!). It also makes the weapons and armors more valuable to me sentimentally; I'd really be able to appreciate having a full, matching set to take advantage of both armor perks instead of just going "eh, I'll make a set." And instead of
spending money to get arms and armors, I'm
earning money while doing it.
I'm really digging your post
As far as gameplay is concerned . . . Pickpocketing Perks are worthless.
This isn't even an opinion, it's an assertion. And it's wrong. Very, very wrong.
Forgetting that Pickpocket is a source of immense wealth, allows players to creatively poison enemies (useful for stealth kills, 100% security as opposed to a possible missed shot for archers and close-combat alternative for them, or monks who can't poison their fists), gives players 100 extra points of carry weight (useful for alchemists, like the OP, who constantly carry a lot), and gives players a means of circumventing locks by picking keys (and even quest-related items at times), Pickpocket is probably one of the most powerful skills in the game.
Aside from all of the above (which is more than enough reason to invest in the skill), a player who combines Pickpocket with Sneak can make short work of even the most difficult battles. A skilled thief can strip an enemy of all of his weapons and arms in the middle of his attack, and render them both offense-less and defenseless. An angry Orc swings his battleaxe at you, and before it comes crashing down on your head, he's left dazed, naked, empty-handed and paralyzed, all in one fell swoop. That kind of combat prowess is found nowhere else in the game.
Have fun save scumming.