I'm glad you asked. I don't have my 3DS around but two of my favorite ones I made recently are a power focused G&W that has Extreme Judge custom (1's and 9's) and has a Critical Hit with a 20% chance of increased damage, another power badge, and some agility badge. So he is mostly just weak in defense, without being slow. I like that I pushed G&W to be a bigger gambler with the 1's and 9's, critical hits, and increased damage but weakened defense. Mr. Game & Watch is all in
My broken one is Link, who is easy to break. Power Bow custom (duh), Meteor Bombs, Multihitting Boomerang, and Electric Hurricane Spin. I gave him the highest legendary sword for a power boost, but also a small power badge that gave him 1.5x Damage on Thrown Items (Bombs, possibly boomerang), and a legendary shield. So he is a little slow, but when that charged Power Bow hits you you're gone. The bombs are also quite nice.
I have a Toon Link with the Horizontal Hurricane Spin and Short-Fuse (POWERFUL) Bombs and Quick Fire Arrows. For badges I gave him Glide Badge (weak power but effect) for Increased Lateral Movement, that same Item Tossing Badge for 1.5x Thrown Damage (so his bombs are seriously freaking bombs, too powerful), and a defense badge. Overall he is Defense, but a short hop Horizontal Spin can take you all the way across FD for a quick get away (or to camp if you that sort of person, which I am not).
All in all equipment is very fun, but probably not for tournaments unless it was regulated.
Exploding Perfect Shield with Easy Perfect Shield would be banned on the spot. We had a custom/equipment 3DS tournament when it first came out and we had an autohealing DK with those badges that won. Boy was that a salty day.