I like it. It would take zero time to code, as there are items in game for the glove slot that do this. Just copy them and put them on a status broker. Done.
Quite frankly, they may as well make every slot /show<item>. That would allow lots of neat combinations.
In EQ1, I had a warrior that didn't wear shoulders because his bracers looked cool on bare arms (I know - something looking cool in EQ1 was practically impossible). It was kind of annoying to equip my shoulder items before fights, so I'm appreciative of the appearance slots.