A skilled craftswoman has taken up residence in Caemlyn, Tear, Cairhien, Tar Valon and Amador offering retools to all RP clans. The standard retool rules apply, eg don't change a dagger into an axe and vice versa! You are free to use this to retool any items you wear or use.
Any abuse of this, including using it to complete quests, will result in you being unflagged permanently.
Thanks go to Vampa, since it was his idea (even if I did all the actual work...)