Yes. Monsters that become equip cards are treated as equip spells. This effectively makes her a Noble Arms Equip Spell. Plus, Noble Knight Borz unspecifically states to reveal 3 "Noble Arms" cards...basically, a simple Medraut/Borz + Noble Arms combo lets you permanently have a Noble Arms card that can not only equip itself from the Graveyard and make 1-card combos possible, but gives them a boost in ATK AND provides effects on top of that. Gwenhwyfar + Excaliburn + Destiny make an Artorigus virtually indestructible that can keep on destroying cards and overpowering monsters.
This is HUGE for Noble Knights. As a Noble Knight player myself, I fully expect others to side deck Imperial Iron Wall.