I've been slowly putting together resources for an LPC style game since last year. Thanks to the help of a whole lot of people on this site I can say it's possible to make a well developed game with the assets we have presently. But with any set of graphics there's always room for expansion and improvement!

Here is a list of weapons I've been looking to have adapted for the LPC sprite sheet (maintained as the Universal Sprite Sheet Repo by my friend makrohn here: https://github.com/makrohn/Universal-LPC-spritesheet)

- Hand Axe
http://opengameart.org/content/hand-axe-64x64

- War Axe
http://opengameart.org/content/war-axe-64x64

- Scimitar
http://opengameart.org/content/scimitar-sword

- Mace (Redshrike quietly snuck this into another post!)
http://opengameart.org/content/lpc-beetle

- Club (wooden, metal, anything really)

- Gnarled staff (not just a strait one like the current staff and spear)

There are sword and mace graphics in the repo but these are different styles. If you ever play a game like Diablo II you'll notice there is more than one weapon in each category, meaning more than one type of sword, axe, etc. ;)

Currently there are NO axe weapons in the repo (like zero, nada, zilch, nothing, not even one). There are also no clubs of any sort. If you want to make any weapon in the world that works with the LPC set I'd go for an axe or club.

LordNeo made a huge number of static weapons, shields, and helmets that would look great as LPC items. Here's a collection he put together with many of his works:
http://opengameart.org/content/equipment-icons

I had this idea of making a shield that looks similar to some of the UI elements Pennomi made (http://opengameart.org/content/lpc-pennomis-ui-elements). Scroll to the bottom to see my suggestion.

If you have ideas or I missed something you feel is important please leave a comment.