I really do need to take the time and read through FATE. I'll be traveling, so maybe that will give me the chance.
I want to separate these out. The idea of a magic sword that gives you Holocaust Cloak while wielding it is awesome and easy ruleswise, so I'd say good with that.
I imagine the maneuvers in FATE translate to some kind of bonus? My preferred way of dealing with this, which I haven't really worked out yet, is to allow players to take advantage of terrain and interesting interactions with it for some bonus. So, the classic swing on the chandelier might require an appropriate skill roll and then permit you to avoid terrain, maybe avoid an AoO, grant additional movement, and maybe grant a circumstance bonus to the attack (high ground, momentum). Something like that. That also spares you from making an exhaustive list of funky item maneuvers.
If you can create guidelines, which sort of exist already in the game, then all that remains to be done is to encourage PCs to use them. To do so, the bonuses need to probably make it worth their while, at least some of the time. I tried doing something very similar in Star Wars -- Luke, et al. are always blasting out control panels, etc. but I was finding it hard to translate that into the game.