This is a guide that shows each piece of equipment and which characters can equip it. Please note that the actual list of items and their descriptions are from something I found somewhere years ago, as I never intended to create a guide or anything. The work I did myself was to check the sell prices for the items that cannot be bought, and double them to come up with a potch value. I then acquired each of the items in the game and made lists of which characters could and could not equip everything. I analyzed these lists and came up with equipment classes to describe where everything fits.
L - Light Armor
E - Medium Armor
H - Heavy Armor
R - Robe
*Note that some characters are in both the L and R classes
M - Man
W - Woman
G - Girl
N - Nobility
K - Nay-Kobold
*Note that each character can only be in AT MOST ONE of these classes, and some characters are in none
*Also note that not all male characters are in the M class. Check the character list to see which classes each character is in.
S - Shield
C - Cape
J - Jewelry
*Only Keneth is in the J class. This was the simplest way I could come up with to deal with him being able to equip some female-only equipment, like the Star Earrings and some others.
*Note - strangely, Axel is only class H for his body gear, but for all other gear he is in classes H M C
I hope you will find this guide useful.