Nope. I have a different way of doing things. I always equip whichever character has the strongest sentimental value to me with all of the best items. Once I find something better, I give it to that character, and give whatever it had before to whichever character was next in my sentimental value hierarchy.

For example, Terra would always get the best weapons in FFVI since she was one of my favorite characters. After I found something better, I'd take whatever she had and give it to Edgar or Locke or whoever else was in my party at the time.