And in theory imbuing "could" be of some help but there is a big "BUT", and that is that the cost for raising it and the cost for actually imbuing high end items seems to be very high, so high that only those players who already are the wealthiest and already have the best gear/weapons, can support.
So, I am VERY afraid, all imbuing will do is simply further widen the GAP between the "Haves" and the "Haves Not" of the game making it even more impossible to cover and thus harming PvP in the game even further.
What quite several players do not understand, that while it may be nice to have a upper hand for better gear and armor, these pumped up mods make it for them much easier to win their fight and much harder for others to be a match.
Hence, it makes PvP not challenging for some and impossible to fight for others.
Eventually, the game becomes boring for those on top and frustrating for those on bottom and subscriptions get closed thus loosing revenues to the game.
To me, there is only one way to have a winning PvP in the game and that is, making sure that players at a disadvantage are helped in their task to cover the GAP between the the "Haves" and the "Haves Not" of the game so as to make sure that the game has as many players as possible at a matching, evened out and balanced PvP point.
This means, that wealth and powergaming should not matter much as they do now in aquiring high end gear.
That's how I see it.
I'm afraid you are looking at this the wrong way, it will ultimately reduce the gap. Note that I too, agree that new players should have easier access to uber equipment. Otherwise, it's pretty frustrating for them and they will leave. Impt note, this doesn't mean simply handing over uber equipment to newbies who double click on a cow or something, people don;t stay long in games like that either.
If you have read a post earlier in the recent weeks, UO is in fact, one of the rare games where you don't have an infinitely huge divide between a newbie level 1 char and a level 50 char (consider also most of the uber equipment have a min char level requiremnt in these games).
This change will effectively ensure that "wealth and powergaming should not matter much as they do now in aquiring high end gear".
Current situation
How do these uber players get their uber gear at the moment? Runics. That's where the wealth of these players come in, for they can afford to buy/burn those runics. Or buy from others that have burned their own runics to make these items.
Let's say that you were given a ton of runics to make a suit to compete with said uber person, you may still never get that weapon/armour with the maxed out perfect stats you want.
Without imbuing, I can safely say it will take a very lengthy period of time for you to make a suit that's competitive.
Personally, because I am a cheapskate and refuse to buy runics, most of my chars run around in suits with resists in the 30s-40s. Except for my warrior, I concentrate on LRC and MR. See screenies of chars I have posted if you don't believe me.
With imbuing in the beginning
Everyone will need to train imbuing from the start when this is released on prodo shards. So that's 1 of the equalizers - everyone will start with more or less equal footing.
True, wealthy players that can afford to burn runics and unravel them for ingredients will still have an advantage in the beginning. But ultimately, runics are not a very efficient way to gather the uber items required for feeding the soulforge. That advantage will not last long.
With imbuing in the short-term
The most efficient way is loot from mobs. When the wealthy players burn up all their stockpiles of runics, this is what they have to do as well.
This effectively takes the wealth of players out of the equation in the short term (yes, their existing suits may give them a slight advantage in PvM, but remember I mentioned my suits sucked? I hunt high-end mobs, peerless and do spawns with these chars, main is a EV casting stealth mage/weaver).
Unless they come up with a change that allows wealthy players to buy equipment off mobs, wealthy players will not have much of an advantage here. They gotta slog it like the rest of us. Oh, they will get their uber imbued equipment a little faster than us on behalf of the ingredients they got from unravelling their runics-crafted items, but during that time they are working bods/buying runics/crafting runics, the rest of us will be looting mobs every 5 mins and we are right behind them.
With imbuing in the long-term
Interestingly, the mobs you can get good soulforge fodder includes the low-mid level mobs. Several of the properties like slayers, spellchannelling, fast cast, MR2 etc are considered 100% properties when unravelled. Coupled with some good combos, they'll make relic level ingredients, I've been keeping an eye on these for the past months.
So there is no need for newbies to powergame or continuously camp the high-end mobs in order to get the ingredients for imbuing the best properties. You make not get it as quickly, but you are guranteed to get your uber suit, without spending millions of gold, without powergaming high-end mobs, and without relying on sheer dumb luck on runic attempts.