Can i use "Cheat!" in a battle?

[BeniJmnz]

For your explanation, i undersand that i could use Cheat! to add an equipped item to this one. Then, i could discard a class or race and i didn't lose that bonus, isn't it?

If it is true, i have another question. could i use cheat! to avoid to loose an equipped item?
For example, if someone send me a curse to loose or change a class, i could loose the bonus of an item that only could use that class. Could i use Cheat! to avoid loose this item bonus?

PD: sorry for my bad english :( i can try to write different if you don't understand well what i want to say