I guess that would work, unless you're unlucky and don't find items that you can use. In which case the total value of your equipment will be less than other people who were able to use the stuff they found.
IMO, a good DM will throw in a mix of useful equipment for everyone, over time. Luck only matters if you're using random treasure tables for everything. Or only running modules with preset loot that the DM doesn't adjust.
