Level Bonuses Based on Equipment

I recently read an article about why Final Fantasy VI was the greatest RPG game ever made. In terms of characters development, plot, structure and all things storytelling I wholeheartedly agree. Unfortunately the game's biggest flaw is that it's skewed towards its magic system which slowly makes each character more like one another. It got me thinking about playing the game again which got me thinking about my last challenge: No ability bonuses, no level grinding, and limiting espers and spells to specific characters in order to give them each more individuality. This ultimately lead to romhacking.net to check out all of the hacks.

That's where I took the time to read about Brave New World's fantastic Esper hacks. That concept literally fixes, what I believe, is the game's core mechanical problem. Obviously, that hack is as proprietary as it comes with romhacking and while I've messaged BTB and Synchysi about sharing it, I really don't expect them to just hand out their hack's most definitive feature.

Then I got an idea. What about attaching Level bonuses to equipment. I think armor or helmets is the best fit here as everyone can only equip one piece of it at a time and you can restrict those to different characters very easily.

I have a couple questions regarding this idea. First, is the idea good or bad. Second, Would it be hard to implement? Finally, would someone be willing teach me how to create it?