1. List-based inventory: Not all games have grids with icons for inventories. Some games, such as pretty much any JRPG or the recent Castlevania games have list-based inventories with either one or two rows and scrolling, with the games of items displayed instead of graphics, the graphics normally being displayed when the item is highlighted, along with an item description. Surely that can be easilly interchangable?
The object is primarily designed for icon displays of inventories, with drag/dropping of them, auto stacking, and display taken care of. Another display mode like you describe sounds rather more specialist than this general kind, and is probably better custom made.
2. Equiping items: Pretty much. You want to allow the player to equip items of a particular attibute and only one (or two, etc.) of these? You can double-click or move an item to the equip slot and if there's an item already there, that item will either return to the inventory, or if you don't want to move items from the inventory to equip, just simply update the equip list. This could also be expanded in case of multiple characters.
This should be possible using events, and the inventory object.