Can you still swap your equipped items freely while in combat? If so, having a plethora of equipment pieces with situation-dependent effects is yet another reason why it should cost some type of resources to swap equipment in combat (preferably 1 weapon swap per turn and you can't change your armor/accessories).
Else the issue shown with shields - where ranged characters can freely swap weaponsets to get the benefit of both their bow and shield every turn for free - is vastly expanded via all the possible weapon+armor+accessory effects. This encourages tedious gameplay where you constantly change your equipped inventory possibly multiple times per turn.
Yes, you can still do it for free.EDIT : No, it's a full action