Interesting idea. My concern would be the amount of data that represents. Basically you'd be turning each inventory slot, armory chest slot, and retainer slot into an infinitely-expanding array of items. The database implications for such a change are terrifying.

As for glamour, yeah we need a better solution. The one we have now sucks. I'd like a glamour collection where I can maintain a list of all glamour I've collected and then pick and choose from that. WoW does this quite well right now, and other MMOs currently have much better systems for it than we do.