How the hell would that work with multiple items
Well, let's say you have items of NWs X1, Y1, Z1 and so on.
The encumbrance factor is the same as before (0.98 or 0.91 or 0.52, etc).
For those without experience with how encumbrance works, 1.00 would mean no encumbrance, while 0.00 would mean completely over the top encumbrance.
You multiply the exact encumbrance factor E with each NW to reach new "virtual" NWs for each item...
X2 = X1 * E, Y2 = Y1 * E, Z2 = Z1 * E, etc
And then, you "recreate" the effect of that item for the calculated "virtual" NW.
For instance, say you have this:
An Elven Long Bow [6x23000] (+210) worth $275,778,365
on a minion that ends up with an encumbrance of 0.5 (you don't care what exact other items are on this guy for this particular calculation, you only care about the encumbrance factor, which depends on total NW on the minion and max effective NW accepted - you just put on it twice as many as you should - let's see the exact effect).
For the "x", it's easy - you reduce it to 11500 (well, technically, it should be slightly over 11499.5 but let's skip that part and just round up for x).
For the "+", it's more complicated... apparently +210 means very roughly 96,432,163 NW, so after you multiply by 0.5 you get 48,216,081 (rounded down), which translates into somewhere around +158, I think ?
So, with an ENC of 0.5 (loaded up twice as much NW as you should), this:
An Elven Long Bow [6x23000] (+210) worth $275,778,365
transforms termporarily into this:
An Elven Long Bow [6x11500] (+158) worth ~$137.88 mil