Sure. Prayer - Pures don't need piety. Use what you have depending on your bracket. Lunars - If you choose to play on a certain account build, there will be ramifications, and this is one of them. It is a small set back, as you can still use the good ol' pipe. Slayer Helm - This is the only one where I think it would be okay. It is not used for PKing, and the helm makes a big difference in the long run for slaying.
Because we aren't a garbage server.
If there weren't any risks, then it would defeat the purpose and flair of having specialty accounts. And yes... if you're making a special account, you should go through great measures to make sure you don't mess it up, meaning there should be no handicaps.