Yeah, I can easily imagine setting up a campaign where adventuring parties regularly go out via tele-circles and gates, etc. on missions. The characters left back at base can have all sorts of opportunities to do stuff if the main party has some way of making contact, like a stone phone. If one of the adventuring party PCs gets killed, phone in for a replacement! hehe. Between that and side stuff going on at home base in the same time frame and it shouldn't be too hard to keep most of the PCs close to the same level. If a few fall behind they can always go out together as a B team once in a while and catch up. If a character is so uninteresting it falls by the wayside, then the fact that it is no longer keeping up in levels really doesn't matter.
And of course the DM still has the option to provide some catch up XP when it seems convenient and fluff it as training sessions.
As for the equipment of the stay-at-homes, just give out a bit of extra treasure during an adventure. It isn't going to unbalance the main party because they can only use so much stuff anyway. Their cast-offs or extra stuff they find can go to the group armoury and be available for the less well equipped to pick from when they shift to the A team.