Being able to disable viewport frames would be incredible for inventory lag, instant vote after reading that.
I would prefer if the items were replaced with an image instead of text (and optionally for color variants, it could just show the white version of the item with a colored circle layered on top), but having both options available would be great.
thats the backpack not the inventory
even your mockup is for the inventory, and anyway theres physically not enough space for this suggestion to apply to the backpack