This is what I do, and I love it.
If we're just going to stop for a quick "pee break" on trail, I leave his bridle on.
On longer breaks (lunches, etc) the collar goes on, the bridle comes off, and my horse can stand at the hitching post or tree or rail and scratch all the itchy spots to his heart's content, without the worry of him breaking my bridle. When it's time to go, the bridle goes on and the head-collar easily roles into a compact little ball that I can stuff into my saddle bag. The lead rope gets re-knotted and clips onto the side of my saddle, and we're ready to move off again.