Nope, currently there is no such feature.
However, when you get equipment it comes with some STATIC stats and some RANDOM stats that are set to it. (Kinda like DIABLO 3)
You can also attach CARDS to equipments that have slots for such cards.
Cards drop from enemies and gathering spots and can enhance a weapons ability.
There are a lot of different effects that come through cards (ever played Ragnarok Online?)
As far as customizing goes thats it for now, however, since we can create weapons with our
live classes it might later be possible to add optional items to a weapon-recipe to further enhance the result you get when creating the weapon.
The game isnt out yet, EE is now around for quite some time....I am pretty sure the staff behind LO will come up with some nice things once the game is available