So you have two ways of doing it.
Either you make a sprite for each and every combination. if you have a lot of combination you will have to make a huge amount of sprites... which wouldn't be practical.
The second is to create all the items separate sprites. In game you would need to save what items the player has selected. When player is loaded you will need to find out what items they have from the save file. Then pin each one to the player. However, you really need to think about how you do your animations when using this method.