One of the main reasons I love AL is because the different items and effects look so cool. I remember when the archon ring was useful and so you'd equip it. (there's no reason to now) I would love to be able to, in some way, apply those effects/gear to a different one.

It shouldn't replace vanity however and I don't think the 2 should work at the same time. Maybe create an item slot in which you can socket a different item or make a system that makes an item untradable but gives it the new appearance.

In my opinion it's a great way to make use of some of those old school very good looking gear sets/effects.

I would use plat to be able do that to be honest.

Just an idea.