Well so far I already have the mythology and characters down....maybe help with a simple Armor & Weapons Tier System. The most powerful matarials in the world are:

Lesser Dragon Steel
Dragon Steel
Greater Dragon Steel
Enchanted Dragon Steel

Dragon Steel is the strongest metal and most hard-to-acquire weaponry & armor in the game. Enchanted Dragon Steel is pretty much invincible and light (not light as Mithril, think a bit below a normal chainmail vest) in return all the armory and weaponry made for it is gives arm, legs, and always head weakpoints.