Hmm, never thought about having them as components. I would just create actor classes for them with skeletal mesh components on each and attach them to a socket on the skeleton. I have like ‘RightHandleEquip’, ‘LeftHandEquip’, ‘HipHolster’ etc sockets on the body, then just attach those actors to those sockets. You can just hide the actors when they aren’t ‘equipped’, or attach them to other sockets on the body to unequip them. Attach them to the right hand when they get used. Make sure to have some sort of rotation offset property so you can fix the rotation in the socket when attached.
If its something like Sea of Thieves where everyone has a set package of equipment (compass, spyglass, bucket, shovel) and everyone will always have those, the component route might work great. If its more of a dynamic situation with an inventory that is essentially unique at any given time, the actor/socket approach I think would be better.