Its not like editing pokemon ruined online trading and battles for non cheaters.... Oh wait, it did.
I am not opposed to editing your stuff and people should have fun however they want, but without any way to filter edited and non edited gear online or keep them seperate from playing with eachother I am VERY MUCH against this.
Worst case scenario this stuff becomes mainstream. Overgeared, but unskilled players dying 3 times and ending your hunt isn't my definition of fun.
Besides, MH4U is pretty balanced and paced in a way to keep the game interesting for months if you play normally.