Excelsior

IF you relayer a weapon into an item like arcane cloak or other item with an ability... does the relayer retain the ability the original had?

No. The Arcane cloak would not retain any of its values, so use a cheap tailored item either bought from a tailor npc or made yourself.

For 57.00 US, I would expect it to.

With insured spell casters keys though, would you ever need to use any arcane charges? You have all the reagents you could ever want (well, up to 60,000 of each) with you at all times.

well i used the cloak as an example, my intrest was in the leather ninja belt that holds 10 shurekins(sp) and allows you to throw them. I like the graffix for it (and the Obi) ... Thanks for the responses =)