Honestly thought this wasn't too bad of an idea, but now I think there's a better alternative. Lucky items are pretty much worthless besides the spirit shields, that much I'd say is still consistent.
Remove lucky items from pvm store
Add an item called the lucky rabbits foot or something like that to the pvm store
Adjust lucky item stats to be the same as the normal counterpart like spirit shields
Allow normal gear to be used with this new item to permanently change it to lucky gear
This opens up lucky gear for ironmen and makes lucky gear actually useful. Not allowing lucky gear to be upgraded to t2 would be a good balance too since that way you have sort of a glass cannon effect. Better gear means you have to be more careful with how you use it, or you can go in with unlosable gear that isn't as good. This also means that you need to obtain the normal gear before you can get the lucky version of it.