Yes and with a charm inventory, you can do all of this while still having the full power of charms. It would also eliminate cube buffing in PvP, creating even more of a shift in balance.
For PvM, it eliminates the need to go to your stash if you want to have full damage gear or MF gear, swap to CTA, then to 180mf/100mf swap, while still having prebuff BO from a CTA that normally would be much more of a pain to cube-swap.
There are many, many different combinations of items that you could use, especially in BM pub PvP games while never having to adjust charms. It would make public PvP games far worse and BM than they already are.