Further proof that I need a new hobby (or to produce those mods I owe y'all):
I saved a game after killing Yarash (the only place in the game you can get 9 random items in rapid succession) and ran to Phlan, then IDd all my items 29 times.
This should produce a total of 261 items. However, I only have 254. Occasionally (2.7% of the time), the game produced an empty item slot with no name instead of an item. You were able to pick this up and have it occupy an item slot, though it gave me no money if I tried to sell it.
I produced 107 +1 items, 30 +2 items, and 6 +3 items. I never got a +4 item.
I'm convinced that for weapons at least, it generates the weapon and then determines a plus; I got a guisarme-voulge +3, which strikes me as the most 1st edition weapon imaginable.
The game definitely likes to make weapons and scrolls. I got 20 armor and shields, 14 rings, 72 mage scrolls, 18 clerical scrolls, 6 bracers, 3 potions, 1 necklace of missiles, 1 wand of paralyzation, and, indeed, 1 cloaking robe of elvenkind (which sits in my wardrobe behind the scrolls of magic spells, as discussed earlier.)
The remaining 118 items were weapons. Some weapons are clearly preferred. I got 8 sets of 10 arrows, 9 bastard swords, 14 broad swords, 18 long swords, 7 short swords, and 8 two-handed swords. 56 were swords, so you're about as likely to get a sword as you are another weapon. Nonetheless, the bizarre armory of the 1st ed player's handbook was represented, with magic awl pikes, bec de corbins, bardiches, ranseurs, military forks and pics, lucern hammers, bo and jo sticks, and of course fauchard-forks, glaive-guisarmes, guisarme-voulges, and bill-guisarmes turning up.
The most common protective items were shields (5), plate mail (4), and splint mail (4).
Despite getting a fair number of rings, only rings of protection, fire resistance, and invisibility were represented. Of course, the others may have been too rare to turn up.