Short answers: Yes. No.
You're free to carry any amount and combination of equipment you'd like. The only exception to this is that you can never carry more than one shield.
As for rubber swords, our game is pretty heavy contact. Technology to build safe and effective weapons that hold up well has been an on-going process for the last 30+ years, so construction methods are pretty refined. Unfortunately, wasters, latex weapons, rubber swords and the like simply aren't safe or don't hold up to our style of combat.
Give the Book of War (http://belegarth.com/rules.php
) a read through when you have a few minutes. It specifies the requirements our equipment must meet before being allowed on the field.