You can kinda upgrade weapons in 4e. The easiest way to do this is through rituals (Create Magic Item and I believe Transfer Enchanmet or something like that in one of the AV's). Its not quite the same in that the upgraded powers are not set out in advance per se but you could certainly flavor it such that the sword of your ancestors is slowly unlocking its powers to you as you prove more and more worthy of wielding it.
Additionally, you can go with the Inherent Bonus system which would automatically upgrade your armor and weapons (essentially) but would not necessarily add adittional properties to them.
As for recalling items from anywhere, I know that there are some armors at least that have that power (can't remember the name (I think its Summoned Armor but not positive) or any limitations on them).
Frankly though, both of these issues sound like great issues to raise with your DM. I know that I would love it if my players came to me with an idea like this regardless of whether or not there is a specific rule in place. Sure, I would require the character to use resources to upgrade his weapon, or perhaps spend a feat slot on the ability to summon his gear, but its still easily workable.