This post is about what you think is the best two star equipment. I would be happy to see what you think.
Here are all the two items I have used:
Flourish
Calibur
Brandish
Shocking Edge
Snarble Barb
Autogun
Blaster
Prismatech Alchemer
Firotech Alchemer
Shadowtech Alchemer
Blast Bomb
Pine Cone Bomb
Haze Bomb
Magic Cap
Wolver Cap
Cobalt Helm
Magic Cloak
Wolver Coat
Cobalt Armor
Owlite Shield
Defender
Bristling Buckler
As far as I have gone, for Swords I think the Brandish and the Calibur are the best: both swords have exactly the same stats, do normal damage, have nice speed and power. A nice all rounder. The Brandish has been my favorite though because of the crafting possibilities. The flourish was extremely lame, because if you met up with a gun puppy or any other construct you will have an extremely tough time. The snarble barb had the same flaws. For guns: Autogun! I think the autogun is the best two star gun. It shoots 6 bullets each round, and the charge attack shoots 12. The blaster was about as good as a one star pummel gun, and looked about as cool as a zapper. The alchemers were pretty good, but the range made this gun a no-no. To make up for that, any Alchemer as 3 stars were considerably better. Even though you cannot move while shooting an autogun, I nominate the Autogun as the best gun I have tried out. Bombs: When choosing the right bomb, things can be tough. Sometimes you choose an item like a Pine Cone Bomb (No range, no damage!) or the Haze Bomb (cheap, but lame and not nearly as good as Shivermist). Lucky for me, I found the blast bomb. The blast bomb can lead to the Nitronome (arguably the best bomb in this game) and has good range, speed, and power. The blast bomb is the calibur or all bombs.
I have not got into the helms. I would recommend steering away from the magic caps, because they don more panache and less protection. Monsters massacred me every time I went anywhere, and I got ejected from each party I joined because everybody new my armor was so lame. The cobalt helm was great, because I had extra bars of health. The defense was also good. Other than that, get the Wolver cap. The Wolver cap is pretty good, but dons one less bar of health then Cobalt.
Armor? The armor and helms are exactly the same for defending power, so writing a whole new paragraph about armor makes no sense at all considering I tried these armor/helms in sets.
The best shield? This is a knockover.
The experts, whose advice you apparently seek, think entirely in terms of 5-star items. The best 2-star item is the one that leads to the best 5-star item. For example, I don't even know the stats of the Magic Hood, but when I make a new character I always get one, because I know that I want Divine Veil.