25th & 10th Anniversary Challenge

I have a question about event code $40 (Assign Properties X to Character Y).

What all does this entail?  It sets them back to their starting equipment (which is problematic if you don't unequip the character first) and sets the commands and stats to the character profile in question.  But does it clear the character's magic list?

I want to temporarily assign Leo's properties to Banon's character slot, to do a double-fakeout with the player in Thamasa (that Banon will no longer be playable and that Leo will be).  This will obviously erase any esper bonuses the player has gained with Banon... which might not be a problem because I'm thinking of scrapping them anyway.  But my big concern is that it will clear Banon's magic list.

Am I fretting over nothing? Has anybody else done something like this with their project? Should I just try it and see what breaks?

EDIT: Scratch that, won't work.  If I make him unequippable, he won't be able to re-equip anything because of character flags.  Also, the game does not remember Player Input names when a new name is assigned to an actor. Okay, I'll do something else!

EDIT EDIT: I've had a stroke of brilliance! If actors E and F are set to be equippable, then they can use any item that is flagged with the Merit Award.
If I remove Relm's 'brush (merit award)' and 'palette (requires merit award)' setup (a comprise, to be sure), then I can set up the Merit Award bits to establish Leo's fake 'equippable' list.
Here's the really brilliant part, though: I'm going to disguise Actor 7 (formerly Banon) as Leo (change the graphics and palette) while silently placing Actor E into the party. This will give the illusion that Leo is in the shop (though if the player is paying attention, there'll be no party arrow beneath him) until he perishes (wherein I can change the graphics and palette of Actor 7 back to Banon).