Is there a difference between Tyrant gear other than just the name?

Oh, derp. Didn't know they were class specific. Still good to know. So you said it's possible to transpose to a Sweetwater? Guess that's one way to make the cape class-wide so I only need one cape for all classes in a sense.

SW cape would get forever untradable on equip though, so not much to gain from that.
And since the base stats would not carry over, you'd have to shell out a fantastic amount of money on superior wards and enhancing to get any stats to bring with you.