One suggestion: have the starting equipement be purchased with a small gold pool instead of character creation points, and what is left of this pool is then added to the starting gold of the faction (maybe the base starting gold will need to be reduced slightly)
I like this idea, because it lets combat leaders get some gear, while caster/non combat heroes can invest in their starting cities more rapidly.
While the idea of unique starting equipment sounds cool, it'd probably cause more balance issues.
It's already _way_ too easy to blitz the AI with a combat hero in the first <30 turns, and having powerful starting gear would make that problem even worse (it's the same issue as the summoning spellbook, but with combat heroes)