I'm going to go for more of a central town hub type of campaign. The sort of game where all of the naughty happens in one place, and you go out and solve mysterious in the middle of nowhere. I don't want to give too much away of my evil plans, but safe to say that the central town is a mountain hot spring resort town/brothel. The sort of place rich nobles and merchants goto to escape from their wives and engage in debauchery that would shock the peasants and incite riots.
Player centric items depends on the player and their class. A fighter type character could make a plot for his sword for example, like a family heirloom. Why would you have to pay for something that you got from your father? That sort of thing, if you can make a back story for it, all the better.
As for naughty items, read the book of erotic fantasy. 93% of that book is crap, but it has some interesting spells, one good class, and celestium armor material. The +1 whip of will sapping is a great example of this.
Swiftblade is all well and good, just remember to keep the party balanced amongst yourselves.