I once used a system somewhat like that in an Arcana Evolved game. I created a system where every character had an amount of ritual points and was able to spend those in rituals costing a small amount of gold to improve his gear or enhance certain items closely connected to him. In essence it was just an abstract "equip yourself" system, I just thought that would be a nice way to tie it to the Ritual heavy world of Arcana Evolved.
It worked okay, but my players missed the loot.