Items are already transferable between characters (aside from the STF & new character exclusions). I know several people who send loomed armor between characters when they switch to an alt. Why not just combine all character inventories (items and gold)? I know I personally would love to have my prized lordly lamellar vest saved as the default on all of my characters.
The only problem I can see with this is if certain characters have tons of items and you don't want to see them on every other character. Perhaps only loomed items could be shared, or some kind of checklist could be added to show/hide an item on a given character.
While the transfer system was an amazing addition, it kind of seems like an overly complicated way of achieving the same result, namely, having all items and gold accessible to (almost) all characters on an account.
Thoughts?
edit: For those who only read the OP, it seems that either combining gold & looms, looms only, or adding an item organization system would be the best, because of space and useability constraints.