Theoretically it's best to have sword, rod, gaps, FnS, and bow in your first 5 slots and hotkey them because that's the quickest and easiest way to access them, but I can't get out of the habit of putting my FnS on 9 because I've always done this. I just press 1 and scroll to it as quickly as I can. My whole setup is:
1. Sword
2. Rod
3. Bow
4. Gaps
5. Food
6. Food
7. Arrows
8. FnS
9. FnS