Magic breaks all AC XD (if you can get a spell off...) but anyway, he's my suggestions/ideas thing:
Make EAing equipment like prepping a weapon. You wouldn't have to prepare it, just as soon as you enchant it, it has your name on it. Stops people from giving out the high level armours to the low leveled players, but is a bit extreme.
A lesser extreme is to just put a cap on what you can handle. A level 20 player can put 3 enchant armours on a piece of equipment. If that player were to get a +4 piece of equipment, then it could just say "You're not powerful enough to use this piece of equipment." "It would consume your soul!" (overenchanted weapon style :P). This way, players of the same level have SOME chance to hit each other, and keeps that level 1 newbie from being godly.
Another (smaller) idea is to put an EA limit on the "special" pieces of equipment (the ones that are good regardless). Perhaps those could have a +5 limit, to prevent them from being excessively godly (have you ever seen a +10 mithril? it has 90% physical resist
:|
)
Just a thought though.