Well, you can't very well make use of that armor unless you're wearing it, right? ;3 So here is the place to make sure you're doing just that! Just post a topic requesting your item be equipped, and where you'd like it if there are options. No, it doesn't usually make a difference, but knowing keeps fanart consistant if the artist includes it I guess, lol. Plus it helps us ensure you aren't getting overcrowded.
Hm? Ah, yes- a character can indeed have too many items equipped! This is not limited by a certain number, however, but by how realistically encumbersome the bulk of all current items would be. With armor, for instance. Normally, you'd think of only being able to equip one chestpiece, yes? But if you have one that is tight metal, and another that's loose cloth, who's to say you
couldn't slip the cloth piece over the metal one, eh?

As you can see, this system is rather lax and left sheerly to personal discretion, first on your part, then if we disagree on Staff's. ^^
But don't even worry about that! You can also have items removed in this board; you won't lost them or anything of course, they'll just go to your magical extradimensional storage that is nowhere but can be accessed from anywhere. =3 This way you can have as many items as you want; you just might not be able to USE all of them at once.
The ONLY restriction on equipping or removing items- past the rather lax system to prevent overcrowding- is that characters may only have alterations done when NOT in combat in-RP. It wouldn't be fair if halfway through the battle some random uber power-up magically spawned on your opponent leaving you helpless even if you had been winning, would it? ;3 Exactly.
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Of course, there's a way to make sure items are at the ready without them needing to be worn or tied to your body, and that is the simple glory of bags! ^^ Bags count as equippable items themselves actually, and as stated in their descriptions in the Item List topic, up to three may be equipped at once (though more, even retaining the contents thereof, may be stored). For various expendable items, such as Berries, or for those which only require having with you to give a power, bags are a perfect choice. :3
To place an item in a bag, simply post stating which item(s) you want in which bag(s). ^^ Easy~