I'm not sure what the warning is pointing out.
Either you have specified an Inventory that has not ItemCollection, or the itemCollection specified was not found.
Check your MoveItemToEquippable item action to ensure the itemCollection you specified do exist in your Inventory.
As for your second question
> Also is their away to turn off item actions for a consumable for the hot bar but still be able to use the item?
Yes, on your hotbar you can specify can remove the ItemActionPanel and instead have it call the first valid action is can find in the itemAction group.
I usually have different item action group for the InventoryGrid and the hotbar, this way you have more control.
Another option in case you want the ItemActionPanel but also a shortcut button that triggers an action you can add a component for that.
ItemViewSlotContainerItemActionHandler
ItemViewSlotContainerIndexedActionsHandler
ItemViewSlotContainerNamedItemActionHandler
Check these out