Yes, making it an advanced option is fine, HOWEVER, if you're a noobie you don't look in advanced options. So that forces us to make it on by default which would irritate the majority of people. Double edged sword.
The games you mention all have a small selection of weapons with exception of Unreal. L4D only has 1 primary, 1 secondary, and 2 carries. Doom, et al. only show numbers, not the weapon name and its built into the UI.
Anyway, thats beyond the point.
Fast Weapon switch only shows the current weapon name because its fast weapon switch.... the idea is you don't care about your list of weapons because you aren't choosing it, per say, you are quickly scrolling through and showing a list does not help you do that, at least in its current implementation.