2D Armor/Weapon System (Paperdolling)

I´m currently working on a 2D RPG where you should be able to compose your character from diffrent armor/weapon parts. For example the character can wear a "wooden helmet" and a "chain armor".

One technique I discovered is the so called "paperdolling" where you split every component (helmet, body armor, legs, weapon …) into its own spritesheet and draw it on top of a naked base sprite.

However im not really sure how I can handle the following requirement: I want to be able to use the same weapon sprite for diffrent poses / attacks. First I thought of some kind of "mount system" where I use a specific color to mark my "anchor points" on the sprites and generate some sort of metadata file which I can load into my game (maybe its similar to bone animations?). With this approach I know the anchor point(s) for every sprite and to which sprite they belong.

  1. Do you think this is a sensible approach ?
  2. Are there other techniques I could use to get the same results ?