Vanilla AoW1 has unused item graphics. This item set makes use of all of them - in fact, there are two items for most item graphics, so about 230 items in total.
A very few of the items are extremely strong, such as the 'Titan's Longbow' which grants Shoot Ballista. However, most of the items are quite sensible, but still more powerful and interesting than the default item set.
Additionally, none of the items have Physical Immunity, but there is one with Flying and two or three with physical protection.
This upload was totally revamped and improved on 9th january 2020, and slightly modified again on the 11th of June 2020.
Oh, and I forgot to explain how to use this after it's been downloaded. First, place it in the Age of Wonders\User folder. Then open a scenario you plan to play in the editor, open my item set there in the item section, and copy all my items into the item display. They will then be available in that map, and will be stored within the map file; you could upload that map to heavengames and someone without my item set would still have all the items via that map.
I'm not actually sure how to use it in, say, the campaigns, as the game's default item set. Possibly renaming it to ITEM.PFS and pasting it over that file in the Release folder would work.
I will check out making that kind of 'mod version' of this item set, when I get around to revising this upload. I am planning to update this item set to be a bit more balanced and consistent.