At the moment, if you press 1 to bring out, for example the axe, pressing 1 again does not sheath the axe. I didn't realise until today that you can actually sheath with H but this is not intuitive at all. In every other survival game I can think of, simply pressing the number assigned to a tool, with unsheath that tool. This is also makes it possible to unsheath just one hand and not both.
Would love to see this. Big yes from me.