Ok now I see what you are saying, but is it possible to do it with individual AND a complete set?
Yea, but such would use fewer resources giving each equip It's own common event(each equip would add +1 to the variable, and have the same variable condition branch for having the set equiped), then making a single common event, try to do it all.
The only differnt thing placed in the common events, is you'll need to put change graphic at the start of each common even, for It's individual graphic.
Note: However to make each individual equip change the graphic, yet not look sloppy, would require a lot more sprites/variations of sprites, a switch assigned to each piece of equipmenet, and a bunch of condition branches.
I strongly suggest, unless you're using "huge" sprites(aka the High Fantasy sprites) forget about individual equip sprite changes all together(stick with just the set change), and even if you are using the High Fantasy sprites, think really hard how important it is to your game, before deciding to do that, because even if you found a script that did most of the eventing stuff automatically, you would still have to provide a metric ton of variations for each sprite.
You see games that do this in the commercial industry, don't change the sprite at all, instead they have a clothing system so to say, where they just add things on top of the sprite. Otherwise such games would require millions of sprite variations.