It has been about 3 or so months since I've played this, so bear with me. When making your CAW, moving from left to right on the top choices, I think the second last option (2nd closest to the right) is the menu where you can remove items or modify the colour, clothing patterns or even the piece of clothing in question. Lets say to have a hat on and you only want the hat from backstage and ring entrance, scroll down to your hat then using the right analog stick you see three options, something like "In Ring", "Entrance" and "Back Stage" or something like that. You can remove the hat here from the "In Ring" setup of your character. You'll see the hat back stage and the entrance, but not when wrestling. If it's a battle royal then forget it, dude comes out in ring attire only (I think).
That being said, I made a character with a skin tight mask. When I had hair on the wrestler, the hair was clearly visible so the guy had to be bald. I still don't know a way around that, so if I use that guy back stage and wanted him to have no mask then he has to be bald.
As for your question about the belts, I thought you should have had it by now. Only time I can move them is in exhibition modes, much like if you create a belt. Mike has my "B@stard Championship belt" (or at least a copy of it :evil: ) from when he stomped a mud hole in me at the last Joe meet.
Your inspiring me to fire this game up again. Last thing I was working on was GM mode and I was loosing. Don't pick Smackdown's side if you do this. That and if your loosing, free up some big names like Andrea the Giant for a quick push. You can cheat by playing 2 player and give player 2 all crap guys while you take the top talent. I wish I had done that, but now I'm more than 1/2 way to the end so I'm sticking it out.