Here's an interesting way to avoid becoming encumbered by holding too much gear and too many items. Say you pick up a heavy piece of gear, like forty pound Power Armor, but when it's added to your inventory, it makes you encumbered. Drop the item and then press the right analog stick (or corresponding button for PC gamers) to pick the item up and hold it in front of you. Since it's being held and is therefore not part of your inventory, you won't be charged for its weight and can get to where you need to go from there without being too encumbered.