Well for Core/Spoils you really should have two of your characters locked in by the end of the Core pack, just because the Spoils characters tend to be... crappy, overall. There's a few nutso ones and a whole lot of mediocre ones. You do want one slot open to have options for the last pack though.
Equipment is high pick material, just because it probably won't wheel back to you. Equips can be used by more characters than most ABCs, and they don't cost you a card from a limited number of picks. Signet for instance won't ever wheel as any person who has nothing else to pick in his pack will pick it and play it on some character or other, and *someone* in those three other guys has nothing else to pick in this pack, so unless there's two Magdeline in those packs you won't ever get both her and the Signet.
The only equipment I've seen that is low pick is the Rocket Helmet. I got that wheeled to me and picked it up as fodder for my Ona's Aspect of the Pack (assigned it but never revealed it...). The Boomstick often sucks too (that's a waste of a good 2 Honor), though it will still get picked up by anyone with Warrior or Rogue in their team once picks dry up.
I've never seen Bulwark *ever* being passed, much less wheel. Nor Sulfuras.
"The beatings will continue until morale has improved."
- Standard corporate management technique