I don’t mind at all. 
It’s always good to hear from a more experienced coder. If you ever see what I’ve written, I’m sure that you’ll find many ways to improve upon it.
I see the pros and cons of both systems, but with the good news that there is no maximum and that a large number of options is unlikely to break anything, I’ll happily keep what I have.
I use loops as you describe to initiate my items and to display them in the inventory screen, both in the stats and during the game. The use of dynamic variables is a lifesaver without which, I would never attempt such a game.
Thanks for your help!