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If you had, say, a Timeless weapon and equipped it, it would be untradeable. If you used a perfect innocence on it, would it be tradeable again?
Let's say you had a Rising Sun Pendant that you equipped: if you used a Perfect Innocence Scroll, would it then be freely tradeable again?
Tested this before on a private server with an Empress equip, it does not make it tradeable. Not sure if this applies to GMS, though.
Might also have a different effect on items that cannot be traded at all after being equipped.
It does not make the equip tradeable again.
I have tested this in GMS on an empress cape.
Also confirming it stays untradeable.
Spoiler