Would this be possible?

[sokkur]

Would it be possible to change for example what equipment the orc boyz are equipped with based on how many chevrons they have?

Has modding breakthrough happened that allows setting stats for invidual unit members based on what equipment they wear?

[Kahvipannu]

No, as far as I know it isn't possible. Chevron affect the the unit tought, they do better in battle, and you can upgrade some units in blacksmith and swordsmiths so they get new gear, and thus better stats. Not sure about Orcs tought..