You have my support. I had the same idea today. Pelting mobs with cobblestone would be fun. Non-weapons should do less damage, and have less range, than arrows fired at minimum draw. Weapons and tools should do damage based on their respective attack strength, reduced over distance.
Maybe the items could also skip across water if thrown at the correct angle too.
However, I don't support new weapons or items, and thrown torches should not provide light nor attach to surfaces. In fact, no placeable items should be placed by throwing. (Not sure if that's what you meant or not.)
When the items land, they should simply land as their dropped form. This way they will be picked up automatically by simply walking over them.