LOTRO has had just such a system as the OP has described for years. Every MMORPG I have played has a wardrobe system in place, even Trion's tiny little game Trove. I just can't imagine if games much older (or smaller) than this one can have wardrobe systems, why can't it be managed here?
I'm sure I'm not alone in feeling how my character appears is of utmost importance. For starters, it's a real disappointment that we have to wait until level 50 to even avail ourselves of what little there is here to work with, and then in working with it, we compound our storage problems several-fold. It's not practical, seems barely workable, and I consider it a major flaw in an otherwise beautiful game. It may well turn out to be a game breaker for me at some point.
And having to rent additional storage? I just don't even know what to say about that. I could see a one-off purchase, but a monthly rental in a subscription-based game? Really?
