For the smithing cape: Make it to where you wouldn't need a hammer when smithing. This will allow for an extra inventory slot and, in my opinion, works better than the extra xp boost. While this is coming from someone who hasn't reached a 99 in any skill (the grind is real), I'd assume that an xp bonus isn't very helpful when you're max level (however, there are some hardcore people who really want that 200mil xp).
Also, perhaps you could think about making an Iron Man cape? Similar to the Iron Man armor, grant a cape as a way of distinguishing normal from iron man players (It also adds another reason for Iron Man playing).
24-Sep-2015 18:37:32