Cheat! Card?

[whassumattuh]

Does the Cheat! card only allow you to cheat one aspect of the game? In other words, if I cheat a Swiss Army Polearm that is usable by Human only and I am a Dwarf, does the cheat only disregard the Human only aspect of the weapon? It seems that the Cheat! card allows an item to be equipped as an accessory (i.e., it does not need to be equipped to a hand, two hands, feet, body, or head) with no Race/Class or big item restrictions. Is this correct? Also, if this item is stolen, does the Cheat! card stay with it? Can you steal the item that is being cheated because it is no longer a big item?