Yes, it's as Rag says - For example, if you want to swap it so that Lae'zel wears Shadow's armour and Shadow wear's Lae'zels, you first have to make sure you're wearing something in your rumour slot, then you open the equip filter for armour, and select to equip Lae'zel/Shadoow's armour; this will put you in their armour, and put the armour you're wearing on them instead. Then you repeat the process with the other, swapping the other character's armour onto them, and then repeat the process again with the first character, swapping your own armour back, and giving them the second character's armour.
To take something away from them permanently, just do the same thing, but with your own armour/weapon slot empty - you take their item and 'swap' them your 'nothing'. If you do that, however, you then cannot interact with that equipment slot for that character again, since it's empty now. Remember; nakey is for life (at least until you're out of the intro).
