I think there's a lot of questions that need asked and answered before you can answer this one... for example, if you have a crafting system, wouldn't you want enchanting? If you want enchanting then you will definitely need to put enchants on items.
Or how much of the char is made up from gear? How strong is a STRONG char with noob gear vs a noob with STRONG gear? You have to figure out these ratios. WoW for example, is like 99% gear, whereas other games can be as low at 25%. This question answers whether this will be a character builder game or an equipment/gold/farmer game.
I always liked the dual enchant system... I think Diablo 1 hit the nail on the head. You have 1 prefix that can go on any armor, or ring, or weapons, etc, and 1 suffix. What Diablo fucked up though was balancing them. Kings Bastard Sword of Haste, or whatever was too good compared to everything else... or maybe it was how the mechanics and formulas were? (I.e. Defense didn't matter in that game, it was all about rushing through/farming shit as fast as possible, which made HP/DEF items worthless) Also you can throw in uniques but that is a tough one. How are they received??? How much stronger will they make someone?
There's a small indy game I've always went back to and loved and each class uses a single weapon type.. 2Hand axe, 2Hand sword, 1h Sword, and Dagger. Of those 4 types, they go Bronze, Steel, Gold, Emerald, Crystal, Titanium. Very, very simple, but then again, that's a super indepth char building game where you're min-maxing your exp towards your 328903280923 skills to make the most efficient char you can.
You can definitely go too simple or too complex, or even too cookie cutter where there is a best, 2nd best, 3rd... etc (boring as shit-- see WoW).
So, I'd say go with a Diablo1 system that's balanced between off/def with some uniques/superquest items mixed in.