I've compared what you get with one of my epsxe savegame at the beginning of the game. I also have 0x00 for the Buster Sword and the Bronze Bangle. Barret's equipped Gatling Gun is 0x20. Considering Buster Sword and Gatling Gun are (respectively) 0x80 and 0xA0 in the
inventory listing, you have to substract 0x80 from this value to get the weapon value when
equipped.
In Jenova, this is found in charedits.cpp, ie. in the
void CCharEquip::OnSelchangeWeapon() function. You'll see some 128 there, because of this "conversion". That's the trick

By the way, the armor need not be converted. But for the accessory, you have to subtract 0x20 from the inventory ID to get the equipped ID.