Does anyone see any rules conflicts or reminder text I need to know about?

It's an effect Wotc have tried to avoid; but I'm pretty sure it can be made to work. (Clarifications the rules would need - can you equip to something else and THEN to this, overriding the equip rules text at that point? What happens when you then try to equip it to a third thing; which falls off? Can it be both if you like? etc. etc.) This is all resolvable though.

One major problem is the physrep - it's just fiddly to do.

If the card was splashy enough I could see them bothering to work out fixes; but the plain version of it, probably not.

For confusion's sake, I'd make this guy/gal Legendary. That should cut a lot of bugs out of the 'but it's too confusing' problem.