Hmm, no. As far as I remember the cheat you mention should let you put the stuff back on and off as you please. This is the way it worked for me:
ZakkWyldeT from gameFAQs
To keep your default inventory at the beginning of the game ( the stuff that Death takes), you must first beat the game once and use the advanced luck cheat. Proceed right until you reach the room just before you meet Death for the first time. Kill the first two Wargs (giant wolves) or jump over them, and then jump over the third, but don't kill it. Now, get into your inventory and unequip all of your items, EXCEPT the Lapis Lazuli. Exit the inventory and continue. Jump into the last Warg. If you've done this correctly, you'll be sent flying across the next screen, past Death and into the next room, with all of your equipment! DON'T FALL IN THE GAP IN THE FLOOR ABOVE YOU!!! If you do, the glitch will not work.
How to activate the luck glitch? Beat the game and begin a new file with the name X-X!V''Q
BTW, I moved this thread cuz it didin't feel right in the main forum.
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