tl;dr No, char creation equip is only for show. All characters start out looking like the bum prisoner that they are.
You have to remember that classes are merely templates, they only serve as a starting guide to the class so the equipment you see is just higher end, probably mid-game, gear that show you what they could look like and since the game doesn't have armor restrictions you can technically end up dressing your character any way you want.
Certain equipment also seems to have different looks depending on race, not class or stats, so a iron helmet on a human might look like a typical fantasy helmet while the lizards have these odd spines on theirs. (Can confirm as I use Red Prince in my games.)