Dealt with this type of player numerous times before. Best way I've found is to let their creativity run wild, but put a cap on how many toys they can bring to any single event.
Pegging the active limit to a type of Talent of the character's spec(s) should go a long way towards minimizing power creep. Switching out his active inventions can be akin to prepping spells in D&D.
Encumbrance isn't a real limit since players like this will find amusingly creative ways around it... droid pack mules, etc.
Also, make every invention require some key components that he just can't freely scavenge. Parts that would typically be removed from junkers to be re-sold before being committed to the trash heap. Otherwise you're just handing him free gear versus the other players in the group. It makes sense the most valuable pieces of droids/ships are removed before dumping the rest of it (e.g. in our world thieves steal catalytic converters on cars because of the value of the platinum or palladium inside and those are amongst the first things pulled from a junker before it gets thrown in a yard).
As long as all of this bling also comes with consequence then it should keep the other players from feeling shortchanged. Also, from an RP angle the more this guy gets known for inventing crazy-yet-effective gear some less savory power groups may seek to enlist his services whether willing or not. Some criminal groups might not even ask nice the first time... more of an "offer you can't refuse" approach. Perhaps even eventually gaining the notice of an Imperial weapons project lead.
tl,dr: don't just make this stuff free. there should be both story elements and financial costs involved.
Thank you for the great ideas! My main fear is that his creations will begin to outshine our Combat specced players, and diminish their experience. You have brought up some good stop gaps for that I hadn't thought of.