Maybe lose the heavy items then? The shovel is super heavy, I don't carry one on me because the only use it has is getting tree and corn seeds. I would rather just use my pickaxe and get minerals, then I can sell them, have a ton of money, and buy whatever items I can't get with the shovel.
I have golden paladin helmet, iron boots, gold chainmail, diamond sword, shiny shield, and I still have 1+ speed. I just don't carry lots of crap I don't need.