While it was implemented fairly painfully, maybe a system similar to Final Fantasy 14 which gave you a full set of jewellery slots (neck, 2 earrings, 2 bracelets, 2 rings) but each item had a cost associated to equip it and you could only have X poitns worth of jewellery equipped. This would allow plenty of choice in what to wear and add more for the numbers people to figure out the best combinations between having 1-2 really powerful pieces or a full set of 7 weaker items and everything in between.
Even more fun if the chosen jewellery actualy shows on the character model in this (presumably ;p) much higher detail outting.