Monk Weight-based AC: how important?

[DrKvothe]

So ~1-2 months ago I read a lot of people saying that AC isn't working correctly, and that it's not a particularly important stat.

One of the things holding me back from playing a lightly twinked monk is that I absolutely love looting tons of crap, and I hate the idea of being gimped proportionally to my greed =D. I figured I'd hold off on monk until I could afford a few 5k pp weightless bags.

How gimped would I be early to mid game if I ignored weight and let regular bags fill up?