It won't if the code is still enabled. If it's disabled and STILL doesn't go away, then maybe you have to save and reset. Also, I don't remember what Legaia does when you equip something and if it's still supposed to show up in your inventory; some games don't subtract when you equip stuff.
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No, I don't like anime, Street Fighter, Japanese music or download video game music. Yes, I know, I'm weird.