I don't think so. How did you get the rainbow mask/armor and the golden chalice?

Collect every green coin in the game, return to town to turn them in, and you get the gold chalice thing. Take that to the Troupple King, and he'll give you the cloak.

Nice, what do they do.(If it does anything anyways.)

The chalice doesn't do anything except get you the cloak. The cloak is complicated...It equips you with a random bomb set-up, as well as a random arcana and burst. The cloak also changes color every 5-10 seconds. When it changes color, it randomizes your set-up again. It's kind of a pain... The benefit of it is that you can use 3 of any bomb (even if that bomb usually only allows 1 or 2).

Also, all arcana weapons/moves only use up 1 bar when you have it on. Of course, since it's randomized every few seconds, you can't really count on what you need when you need it. So I've never wasted my time using it.

Thanks for telling me.