I'd leave out the items etc. first, and integrate that later. Use placeholder code to fill in the gaps: instead of a fully functionnal inventory, you can have just one item stored in an array and a placeholder text instead of a UI. You will have to reorganize and redo some of your code down the line anyway, despite choosing another road. However, if you can focus and deliver the core mechanics of your game fast, you will be able to get feedback on your design sooner.
I'm working on a rpg prototype for an event next week, and here's how I've organized it:
1- Worked on the basic turn-based attack mechanic, with a basic 1 button menu (it's a touch based game). I added a rhythm mechanic while attacking, and sent it to be tested out. The overall feeling was validated by fellow gamers and devs. At that stage, the code didn't take in account the possibility of having multiple characters, enemies, an inventory...
2- I made a character movement, smooth camera, placeholder dialog bubble and animation state functions
3- Now, I'm re-coding the system to make it flexible-> I separate big logic blocks into various functions to minimize the need to redo stuff when I need to change a system.
Good luck!
Nathan