I've come up with a solution that my group really likes, at least when it comes to the rapid switching out of equipment. I've made Magic card-sized descriptions of gear that I printed out and cut up. Players take the cards for the equipment that they currently have and put them into Magic card protective sleeves (about the size of a sheet of paper that holds nine Magic cards). They have their equipment right there, organized and easy to see; they can also keep track of the amount of ammo left, doses of drugs, etc by writing on the plastic sheet with erasable markers. It's been working really well and you can put all the relevant information for any piece of gear on one Magic-card sized piece of paper.
If people are interested in this I can make the files available.