Something that could help (but wouldn't fix the problem completely) would be to remove the ability to wear a piece of gear unless your stats exceed the bonuses that it gives
For example, if a Dhelm gives +15 mc and 15 str, you might need 30 mc and 30 base str to equip it.
If thanes give +25 mc, 15 agi and 25 str, you'd need 50 white mc, 30 agi and 50 str... etc
It sucks for real low level mains, but it would stop the no-effort geared alts while also giving real characters something to work towards in terms of stat gains