You can use that as a guide line, yes. If you've got some more expensive military issue items or heirlooms (especially if you start out noble), then be my guest. If someone has a wand with a few charges left, that's okay, too. If you can find a good explanation for it and it isn't too expensive, I probably won't argue.
This won't be a item-intensive campaign. Your abilities will count, not the stuff you carry around. As our opponents will be mostly humanoid, too (at least as long as we stay in Sharn), this balances nicely, as they just won't be carrying around top-notch equipment, too.