I suspect this is an easy answer, but I cannot seem to find it.

How do I swap items between characters in World of Xeen ? I am just starting run after many,many years, and want to do a custom party, passing all the old gear to the new characters. And of course, there is no doubt I will need to do more of the same later.

Thanks,
Balagor

IIRC, I believe you press the number of the item and then the function key (F1-F6) of the character you want to give the item to. Or something along those lines.

This is correct. While in a character's inventory, hit the number of an item to highlight it, then hit the FUNCTION key associated with the party member you want to send it to (F1 for the character in slot 1, F2 for slot 2, etc.). You can even send the item back to the same character, moving the item to the bottom of its category and allowing for a modicum of sorting.

This was the way it was done in MM3 but it does not exactly work this way in MM4-5.

I must add that it does not work inside the signing in menu of the Inn.
You need to EXIT first, and once outside this menu you can transfer the way it was described.