Well, I just tested it. I ran around with nothing but an amulet of ESP and a tin helm in my inventory. When I found an enemy that could equip helms and was smart enough to be detected by ESP, I dropped the helm next to it and let it equip the tin helm. I could still see it.
I seem to recall that accuracy depends on a number of stats. It takes weapon accuracy and your dexterity. On the other end, size and agility factor into whether you hit the enemy or not. Of course, enemy dexterity also comes into play if they block. I'm wondering if weapon accuracy applies to blocking as well, and if weapon skills contribute anything.