It would be useful if pressing the same button to an assigned toolbelt item already in hand would put that item away.
For instance (PS)
I press 
on the dpad to bring out my Refined Axe, if I press again the Refined Axe is put away.
2 Likes
Oh that would be a HUGE quality of life improvement, support 1000x!
Any kind of hotkey resulting in empty hands would be welcome - Loather’s suggestion would be a perfect way to do it.