That will never ever happen in this game. It's not built for it.

Equipping a new piece of gear is literally equipping a new torso. It's too much work to even get adjustments for the small customization we do have because it's an entirely new model, you generally just get one body part per race/gender and that's it. It would be a huge endeavor to change all that now.

The graphics update is mostly just textures and lighting. They really overhyped it for the laymen, imo.