Having to purchase equipment with the same points that effect your sovereigns attributes and abilities seems to detrimental. I have never personally used this option because I can always purchase equipment later but I cannot purchase attributes later.
So i propose this change. Equipment can be purchased for the sovereign with gold. By giving your sovereign certain equipment, you the player would start with less gold. This would allow a player to have some weapons without gimping their sovereigns attributes.
On another note, I would suggest adding a "Wizard" profession. The profession could allow the character to start with a small number of spells of their choice (3-5) and maybe a few levels of spell level higher than normal. i like the magic sovereigns and its hard to get the true feel of a magus if my profession is royalty or merchant etc.
This is a wonderful game, great work.