Think our anitial profile choice will effect our starter gear?

Sure. You can choose between various "classes". Depending on what class you pick, your starting stats will differ as well as equippment. If you start as a warrior, you will have few points into strength, endurance and such things that are appropriate for warrior. (which means you actually start as level 10 or so, because of those extra points, but that's no big deal since you can level up to 999). Along with boosted stats, you also get appropriate armor and weapons (warrior gets heavy armor and I forgot which weapon.) Mage would have different stats boosted, like intelligence, since that is requierement to cast spells and boost their damage. They would start with light armor and staff to cast.
If you don't like any of the classes, or you want to make all around character, or you have very specific build in mind, you can start as "deprived" class, which means you start as level 1, no points are invested in any of the stas (strenght, endurance, vigor etc.) and you start naked, without armor, just simple clothes.