well, the idea is that lower levels would not be able to equip high quality weapons. sure even a nobie could handle a steel long sword, but certain powerfull weapons, or specialized weapons .. ehh. (also, can be a combination of skill and attributes, someone wanting say, weapon mastery rank IV would have to focus on weapons over magic to meet that end goal) and btw, skill increases would be linked to level increase, if say the warhammer you found required mastery lvl III, and mastery lvl III = str 60 blunt 50 sowrd 50, then just wasting LP on blade/blunt would not take you there, only presistant effort towards that goal would.
Oh and, weapons bound by mastery levels should be more or less "container items" which would be placed in the misc section. like rune stones (but would siplay weapon stats somehow, but thats not required) clicking on say, a enchanted warhammer would give you the message "requires mastery lvl IV" and once you archived that mastery, you could "master" the item by clicking on it from the misc tab, transferring it to your weapon/armor tab.
Also, there should ideealy be multiple masteries, spell mastery could contain the rare and powerfull staffs, weapon mastery would govern blunt/blade, archery mastery would ofc, govern bows... and armor mastery would contain armor/shields. Combined they would serve an actual character building purpose in oblivon which is currently absent. now, you can be a jack of all trades, master of some... which is lame... a mage running around in epic heavy armor and using a huge warhammer weighing 60 units... yet have 10 heavy armor and 10 blunt.