Idea: Modular Weapons, Armor, Gear, Tools, etc.

An idea i thought about is being able to upgrade the things you can equip or wield, like say upgrading your armor to have Kevlar to add bullet resistance, or a Drill with Diamonds studded on to boost mining efficiency or speed, or even like a baseball bat with nails added in to cause bleeding to those you hit.
Granted those are just a few ideas but it would help make equipment more dynamic. So even weaker equipment can still have some use even after being surpassed by superior ones, and superior ones get even better with these modifications.