To be honest, I didn't like the idea. "What happens when he's not wearing the hat?" I asked.
"He's just a normal guy - but WITH the hat - he's SUPERMAN!!!", said my friend.
I stopped him right there. THAT'S the problem. Your hero is only interesting when he's wearing The Magic Galoshes. Otherwise, who cares? The HERO of a show can't be an average, ordinary, normal guy. He's got to be extra-ordinary in his day-to-day life - because from a story standpoint, "What happens if he can't get to The Magic Galoshes?" What if he loses them? What if they're at the shoemakers? Without the boots - he's nothing.
Let's take a look at a "Magic Galoshes" premise that works - and works brilliantly: IRON MAN.
(Disclaimer: I'm a DC guy. I grew up on Batman and Superman. I've bought 1 Spiderman comic in my whole life - and I don't know those X-Guys from a hole in the ground. Point being - I come to the Marvel Universe as a Newbie. I don't know anything about them - so I have no preconceptions. But I like what I see!)
Tony Stark - billionaire, playboy, scientist - is Iron Man. And I'll be honest, Tony Stark as played by Robert Downey Jr. is a hell of a lot more interesting as Tony Stark, than he is as Iron Man. Iron Man flies. Iron Man makes things go BOOM! Big deal.
They could make a "Tony Stark" movie and I'd go see it - because Tony Stark is an interesting character (with a lot of flaws and vices) and I like him. He's a richly written character, with a troubled past and an interesting present. Put Tony Stark in a rocket-powered tin suit - BONUS!
Point being - 'gimmick' shows usually don't work. That doesn't mean they don't sell. They do - but they don't have the "legs" or richness of concept needed for a strong run.
Bottom Line: Your Hero has to be interesting WITHOUT the gimmick.