not a transvestite but why not.
pro's: as you say it should be equal. I believe some avatars could make quite the interesting cloth mix
con's: might influence the value of items but i'm not sure in which way acctually, either more expensive F clothes could go down in favor of male counterparts or maybe there will be an increase on demand for certain clothes and price will go up.
this should only be for clothes though and not armor for obvious reasons, armor has no visible difference
EDIT: since OP deleted the post this is gonna look mighty confusing