I am aware that faction rep is per toon, not account. But am I able to buy gear on one toon from a faction, and give it to another toon who has no rep with that faction and equip it on the second one? Or is the rep required to equip the gear as well as purchase it?
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you don't need rep to equip items. only need rep to purchase items.
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Weapons? Yes. Armor? Only if the characters are of the same class, can you "internally trade" like this and be able to use the armor.
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Yes but you can only buy items for the class that you currently are (hunters can only buy Hunter gear)