I like the idea of denoting choices you made before. Not so much keeping your gear. That would make you majorly OP. If you take Divinity II as an example If you had end game level 20 year you'd be one hit killing almost everything.
The gear idea was for people who wanted to zip through and just see the different choices.
Of course, other people could sell the gear to buy more level-appropriate gear for a smaller edge, or just dump it all.