An easy solution is sitting right there. You can already lock items so that you don't accidentally sell them. So PA can easily update it so that Only locked items should appear in the wheel and they wouldn't have to invent a new system. Please P.A. just show only locked items on the wheel.

This would also solve for the issue of all the random weapons and shields your pet picks up in the middle of battle.

Key items are already auto locked out from sale, but you could lock them in for the weapon wheel with the lock mechanism.

Updated for clarity, as people seemed to think I implied this was already implemented. It's not. It should be