I think it could be an interesting idea, and even worked into the competative scene if done right. Have some pre-set gear available for characters, and give each character a number of slots (chest, gauntlets, face, legs) and then let players choose from different items to help mold how the character plays. Maybe the gear affects how the character moves, or their initial starting health, or what kind of normals/specials they have. It could be a fun way to take a character and customize him or her to how you want to play, whether as a more grappler version of the character, zoning, rush down, hybrid, whatever.