Hello. I recommend you watch the plugin video carefully. Remember that what you get are the traits of other equipment. And no, it is not possible to change the name of the equipment as this would generate complications. RPG Maker MZ does not handle independent objects so working with the equipment is quite complicated and there are things that are very limited by the same object.
Remember that the plugin does not change the equipment itself for another one, but what it does is obtain the properties of other equipment.