I've been contemplating this too.

Of course, I've equally been contemplating setting all of Link's default graphics to empty tiles, and creating a global script that creates, tracks, and updates FFCs instead. This could also possibly be used for the type of graphic you're suggesting. Also, you could possibly use the item settings for the standard swords, only add the damage of the two being used together (effectively doubling if, for instance, you're using two wooden swords, etc).

Perhaps you could do the same with items as have been done with enemies in the past.

Heck, you can set variables on any running script. You could make completely independant FFC enemies with their own 'health' and 'damage' stats, etc, if you wanted to. You could run most of the game on FFCs if you wrote a lot of scripts (Or one very versatile, VERY massive global script).