The idea that you need equipment to get a big income is just an illusion but ofcourse it is a way to get donations. I know for a fact that having equipment donations will lower the playerbase that even try the server at start.
a better approach IMHO is having just different outfits (because more outfits = more bonusses) and some other balanced features like you have (golden acc, exp boost, vocation change, etc..) and then if donation flow ends and most people have endgame gear is adding the donation eq which is very similar or a bit worse than endgame eq for the new players to catch up on older players.
But enough about the donations
I know you put a lot of work and love into this project so i hope it succeeds and i will spread the word and try to get some more people for the start!