This. 1000x this.
I'm actually really enjoying getting to watch scenes where my companions fight in the melee. I'm kind of liking getting the chance to cheer them on.
What might prevent this from being broken is an "ownership" system, where you can't sell or equip the item a companion has won on anyone other than that companion. "Locking" the item in a companion's weapon slot might also work, but I'm not a huge fan of that because it has the potential to lock a character on a weapon they're bad with.
