I'm gonna ask what is probably a dumb question but... I assume it's understood that you can't complete the game, then retire, pass on an item and then start a new run with that new item. Technically speaking it's not against any rules, but I feel like it breaks the spirit of the law.
Just want to clarify, cause if it's allowed then time to grind for either a busted item or just something super valuable.
It has to be a new game, yes
The reason I didn't want to include a NG+-esque to FATE is due to people being able to build up a legendary item to retire on, and another run to build up a mediocre run to retire on. But there is Tempt Fate% in the misc. categories which you can start FATE on a NG and continue with the same hero throughout the other games, but has to be one full run of the series.