You can outfit your troops with imrproved weapons and armor why not implement the same for the Lord. Let's say you start with pretty worn down gear and have to pay/order at your blacksmith and pay with your ressources, for good equipment, of course you wont be able to buy just the best:
- Some might be awarded as quest reward
- Quest with the goal to aquire Legendary Arms/Armor
and so on....
And the customfit equipment orderd at the blacksmith could be customize able color, shape etc.