Item.
Attach to a character.
Action:
Exhaust Spare Hood and Cloak and exhaust attached character to ready another character. Then, attach Spare Hood and Cloak to that character.
"You will have to manage without pocket-handkerchiefs, and a good many other things, before you get to the journey's end. As for a hat, I have got a spare hood and cloak in my luggage." - Dwalin, The Hobbit