I agree with Forsaken. There are few pieces of armor (because that's the gripe) that have both these flags and most I can think of off hand are difficult to get, four of which are unique and most of those you're not likely wanting to take off anyway. The key is just annoying, but that's all it is, til you log out. The earrings while some would prefer a different piece, aren't that bad and the penalty on them can be offset. But there's one piece that I would say has a legitimate reason for this post, and I'll guarantee you'll only wear it once on most of your characters. Much like a quest that people still come back to time and again. Or a certain game in a certain flying citadel.
FL isn't nice. It doesn't hold your hand as you cross the street so much as push you into traffic.
Besides. We've also got mobs that hellstreams already. For free. Just take off all your clothes except the ones you want gone, put them on the floor and slick your body down with oil before wrestling. 