It's possible, you could do client side storage of the item presets in an xml and then the only difference is you would need to check if the character needs the male or female version of the clothing and to check if they have those and any of the other items currently in their inventory. That would lead to the least amount of interaction with the database. That would work across accounts too, but you would be limited to X number of presets per computer.
The bank is a separate issue, also possible but requires modification of the database and keys. Each account would have a single inventory instead of each character having a single inventory and the central bank would then be done away with. Would require some changes to where premium items get delivered and then a database merge of each characters bank and inventories on the account all into one new central account inventory for each user account which is shared between characters.
The first part could be done separately from the second part. I think just doing the first part is enough though. There are other ways to do this of course though if you wanted to keep the presets on the database, ect ect. Thats just how i would do it, if i was going to.