If I'm wearing a Medium Load and I polymorph myself into, let's say, a naked dire wolf, does I'm still considered wearing a Medium Load for the entire spell duration?
Your gear melds into your body (gear being items that you carry in a normal fashion, therefore up to your maximum heavy load). As part of your body, it doesn't encumber you. The downside is that for most purposes neither you nor your party members can use it.
That makes sense, if you can't use your gear, it shouldn't encumber you either. Thanks.