Sorry for the late reply TheBen...
First you need to fix the script Game_Interpreter...go to line 750 where it says
CODE
actor = $game_actors[@parameters[1]]
actor = $game_actors[@params[4]]
Change the first line(750) to line 751 or delete the line entirely.
Now that we have that fixed...
You need to make a common event so it can update the armor/weapon in your inventory at all times.
Name Common Event Weapons/Armor.
=Create a wait 30 frames in the beginning to prevent lag. It will update within the second so it shouldn't effect the game at all.
=Create a "Control Variables..."
Set The Variable "Weapon" I.E. Iron Sword...to
Item In Inventory. It should set the variable to the amount of Iron Swords you have, then do that for all your equipment/weapons. All In that one common event.
Hope that helps...if not tell me and I'll figure it out