Very true ZFR and Six of Spades. This is an idea to combine 2 rings with useful effects into 1.

Ring of Human Influence
Ring of Free Action
5 Potions of Free Action
5,000 gold

Ring of Influental Free Action
Sets Charisma to 18
Immunity to all movement effects, whether good or bad, including Haste

If implemented, the following idea would require installation of Improved Ilyich from Tactics.

Ashideena +2
Queen of Spades +2
Stonefire +3
2 Potions of Insulation
2 Potions of Fire Resistance
2 Potions of Cold Resistance
Scroll of Cone of Cold
Scroll of Fireball
Scroll of Lightning Bolt
Rogue Stone
10,000 gold

Queen of Spades +4
1d4+5 damage
+1 Fire, +1 Cold, +1 Electricity damage
Speed Factor 3
Weight 15

Ring of Influential Free Action? Sorry, but that's grasping. I think there needs to be some greater logic than that, a greater connection.

I'm surprised nobody's thought of this yet...

Bracelet of the Elements (goes in bracer slot)
Requires:
Ring of Earth Control
Ring of Fire Control
Ring of Air Control
Ring of Protection +1
Emerald
Diamond
Star Sapphire
10,000 gold

+1 to Armor Class
+1 AC and saves against elementals
Charm Elemental- 2x per day
Burning Hands- 1x per day
Improved Invisibility- 1x per day
Fire resistance- 25%
Cold resistance- 25%
Electricity resistance- 25%

Now, I think that's someplace to start tweaking.

I think it's time for the bracketed rant I posted at G3 a while ago:

Not all the BioWare upgrades are that "clean & simple," Sim. Can you imagine swinging a hammer that has a Girdle and a pair of Gauntlets attached to it? To say nothing of such "components" as the Skull of the Lich and the Heart of the Damned.

I have nothing against the idea that the enchantments from one item can be transferred to another, provided that 1) the result is less than the sum of its parts, and 2) the components and result all fit a reasonably sound theme. And that the process isn't too far-fetched, and the major components are roughly the same type of item. ("I want to combine this Axe with this Necklace and this pair of Boots. Is that going to be a problem?")

its magic item metaphysics time on ironworks - the question seems to be 'where's the magic?' all throughout the item? in the whole item in it's intact state? can magic items be broken and subsequently repaired?

is the magicness inherent to the inherent (prototypical) use of the item or the generic item on which it's based? boots of speed make you run quicker but then so does ilbathra occasionally and scrolls of haste - there seems no logical reason why the boot of speed effect couldn't be conferred on any sort of item

or something - surely some AD&D playing grad school student has developed a workable theory by now ;)

That depends on the enchantment and the item type. Suppose there was a pair of Boots named Nimbletoes, that made the wearer uncannily quick on their feet, granting a -1 AC bonus (additional -1 against missiles), +2 to movement rate and -1 to Speed Factor, and +1 to Charisma when worn by Bards (dancing). It would be ludricrous to make an item upgrade that transferred these enchantments to a Halberd, or a Shield. But combining them with the Boots of Avoidance, or moving some of Nimbletoes' properties to, say, a Cloak, Ring, or Girdle, might make some sense.

I've no objection to the idea that enchantments can be "lifted out of" one item and transferred to another, provided that the exchange fits a good, solid theme and is sufficiently costly--and there has been a good attempt to include appropriate quest items.

It always gets trickier when combining different types of items: It's obvious what happens when you melt two Rings together, or when you use a stack of Arrows to upgrade your Bow, but what happens when you add items of 2 completely unlike types? Two-Handed Sword + Cloak = ??? You've got to make sure it makes sense--Rings bonded onto a pair of Gloves is one upgrade that sounds perfectly logical.

How about upgrades to some of those summoning statues and idols that you keep picking up. Upgrade the artefacts so they can summon something that would be useful at the end of TOB and make it so that only a beastmaster can use them. Effectively use the upgrades to make the beastmaster a class worth playing – the king of summoners.

Actually, the king of summoners would be a Conjurer . . . or more accurately, a Cleric/Mage. My own ideas for making the Beastmaster more playable involve things like granting them access to spells up to Level 6, they sholdn't have to depend on items (that would only be abused by Thieves & Bards anyway).

But yes, upgrades to the various summoning items would be quite good--so long as their power level is appropriate to the stage of the game in which you can make them. Weimer's Improved Kitthix is a sad joke, given that you can quite easily get it on Day 2 of the game, and practically for free.