Couldn't find what I was looking for in my search, only got archery tweaks as results. Anyways, I'm just wondering if there's a mod out there that anyone could recommend that places a cap on how many arrows you can carry, or alternatively gives arrows a .01 weight or something. I get tired of ending up with hundreds of arrows on me, and while yes, I could just manually drop them every so often, it would be much more convenient to just have a mod handle it. If anyone can point me in the right direction I'll greatly appreciate it.

http://www.gamesas.com/topic/1371668-relwip-limiteditems/

Yep, Limited Items, the mod above, covers a lot of other things too, but if they're not to your taste, the earliest version was just arrows and lockpicks, I believe. I don't think there are any other mods like it.

With LimitedItems you can disable any or all of its features. No need to get an old version, it's possible to just cap the arrows you can carry and don't use the rest.
...and yes, as soon as SKSE has GetGameLoaded implemented there will be a proper config fine handling, not just the console 'bat ' stuff