I've done a little bit of testing to see which items will transfer from Wiz7 to Wiz8. This is what I've figured out based on about a dozen imports:1. Regular items will transfer multiple times. "Regular items" include your basic armor and weapons such as longsword, arrows, crossbow, halberd, etc. and leather armor, feathered hat, sandals, etc. "Multiple times" means that if your Wiz7 character has 5 spears, for example, all your spears will transfer to Wiz8. The best "regular item" armor that I have found for import include: bascinet, copper gloves, solleret and all ninja garb.
2. Some elite items are variable. They usually transfer and some will transfer multiple times. However, there are some importing rules involved which I didn't figure out.
These include: sai, nunchuka, claymore, no-dachi, chain mail +1, robes +1, holy basher, Spear +2, Kabuto, Flak Jacket, angel's tongue, Chromatic lyre, bec de corbin
3. Super elite items will transfer but only one item per character. These include: Elven bow, Great bow, Flamberge, Siren's Wail. It seemed to me that if your character had too many "elite items" then you will not be able to transfer any "super elite" items. Some sort of balance is required to maximize your item transfers.
4. Miscellaneous items that will import. Potions of hv heal, hv stamina, cure poison, cross of protection, bat necklace, diamond rings, mystery ray
5. Super-duper elite items will NOT import. (avenger, light sword, maenad's lance, muramasa blade, etc.)