I would like to have the ability to morph two weapons or pieces of armor into one. You would get the trait of one and the style of the other. Would have to be the same type and level.
LOTRO used the first method and I really liked it. They also continued to sell outfit slots (so you could preconfigure more than one set of cosmetics and then switch instantly between them) as well …
We would have no idea what restrictions would be put in place other than the armor weight will still look like the same weight. Really just pointless speculation since Devs have given no indication …