Remove the LB wheel and replace it with LB+A/B/X/Y. Make each button a group of a specific type. So if you want your sword, axe, hammer, or bow, you LB+B+B+B to cycle through them. If you want you're healing items, you LB+Y+Y to cycle through them. Food and water you LB+X+X+X. The LB wheel in Grounded (and really everywhere it's used) is slow and inaccurate, so many times have I tried to go from my melee weapon (stick-up) to my ranged weapon (stick-down) and ended up with the wrong tool or even nothing at all in my hands. Full disclosure: I'm playing on PC with a knock-off xbox controller. So maybe for me the angles are harder to hit when I'm using the LB wheel. In any case, I think the system I'm proposing is a better system to the LB wheel.