While I've not tried it myself, I do believe such a thing would work. It would require that the DM give feats, as well as ability "bumps" far more regularly than the current game suggests.
As to precisely how often, well, someone would have to sit down and calculate the numbers, see how bonus feats and higher abilities stack up against the "big six" items at various levels and magic item values. So far, I haven't felt up to doing the work, but it certainly is doable.
I'd also suggest allowing certain feats to stack, or to be taken more than once, or creating new feats to fill some magic item gaps. For instance, I think the Weapon Focus/Improved Weapon Focus chain would need a few more levels to truly make up for a dearth of magic weapons.