iT SURE DOES
edit:Actually "Wardrobe Wrangler" by DJS Sims is awesome for categorizing your accessories ,It makes it so easy to assign an acc. to a particular body slot...
(eg.nose, head,ears, ("forehead" ya go figure ) ,etc.ect. this way you know that for exemple (a hat) wont overwrite the left ring body slot ...
assigning a hat or nose ring to the toes slot as no negative consequences whatsoever ,but its good practices to keep all hats in the same slot (top of the head) ,,,this way when you change your hat for another one ,,,the first one is remove automatically because 2 different accessory cannot share the same slot at the same time .
this is true for all available slots.
ps:You can also create custom slot indefinitely ,I often have Sims with 20+ jewelery and accessories at the same time ,LOL