Sounds a lot like monster hunter ever play that @Stephen? My issue with this being a turned based game is what if you find Armor X. Armor X is why higher def but it does not share the stats/abilities of Armor Y.
Perhaps you've been hunting a while and are desperate for an upgrade but by choosing Armor X you lose out on stats/abilities A,B,C but you gain stats D,E,F. Now the rest of your armor is all about stats/abilities A,B,C and your forced to not use your new found amazing Armor X because it has nothing to do with your current stats. There is also the case that no one desires the stats/abilities D,E,F so the Armor X that you found is completely worthless on all levels.
Back to my Monster Hunter comment...the amazing thing about that game is you never gain levels its solely about gear. So no matter how good you are if you are in basic gear you could never fight end game content.
This has put a harsh bottleneck on new players because the game has such a harsh learning curve. Whether you play 100 hours or 10000 hours, of you don't have the gear you'll be stuck in a rut.
I highly disagree with the thought of not having a leveling system. I feel in general this is one of those "bold" steps that either makes a game stand out or breaks it. In this case I feel it would break the game. I feel the target audience for the new Realm would struggle to hard with this. I also feel for most veterans this would be a deal breaker.
Though you are our leader Stephen and most of us would follow you blindly into battle. I strongly disagree that this would be a positive move, besides how would we get rad baldrics for leveling