Satch will always be Satch. Sadly, even with Satch's guitar I would still be me.
I remember when I was in college, one of my classmates introduced me to a friend of his who had to have been one of the best guitar players I've ever heard. His guitar was complete and utter crap. I mean "In danger of falling apart and killing three people" crap. But he absolutely wailed. I remember just being stunned.
This doesn't mean that there is no value in higher-end equipment (although I'm a firm believer that once you get above about a grand, the laws of diminishing returns kicks in--but that's an argument for another thread), but higher-end equipment won't make you a higher-end player. If I bought a $3000 guitar, I'd be the same doofus, only $3000 lighter.
I still want a US-made Jackson Randy Rhoads, but that won't make me Randy. Having said that, I can play better than Randy can currently--on account of him being dead and all.