Arguably, this isn't your problem. In most circumstances, you don't give loot to specific characters - you give it to the party, and let them sort out how it gets distributed.
Yes, this could theoretically lead to one player hogging all the magic items, but that's a solved problem; As long as your players are aware that they can negotiate how stuff gets shared around, they'll generally spot unfair situations, renegotiate as necessary, and generally agree on equitable solutions on their own.
If one player's lack of magic items is dragging the party down, that's the whole party's problem, and most players will realise that pretty quickly; Even the most selfish of players will agree it's a good idea to share the wealth if it improves their own survivability.
If magic items have already made one player much more powerful than the others - Well, it's not like magic items are bound to the first person who picks them up; Your players can always just redistribute them where they'll be more useful.
If your players don't find an uneven distribution of loot to be inequitable - Well, then there's no problem to solve; Everyone's already having fun, and that's what the game is all about.
So, to repeat myself, this isn't your problem: Working out how to distribute loot is just another part of the game. Heck, some players find it one of the most fun parts of the game: Working out how to effectively use available resources is core gameplay, and deciding how magic items should be distributed for best effect is part of that.
The DMG contains a section "Other Rewards" (starting at page 227) which includes amongst other options:
- Blessings of the Gods, which usually mimic the properties of a Wondrous Item
- Charms, which usually grant spell-like abilities or potion effects
- Special training, which grants a character a new feat or skill.
So what you're asking for seems to be a perfectly acceptable way to do things, and you can probably get some more Inspiration from reading that chapter.
Best Answer
From DMG p.187, the initiative is suggested as minor property to add onto a magic item to make it distinctive:
Therefore, the sword is less powerful than a +1 sword and is suitable for a party of this level.
The cloak is not as good as Armor of Resistance (Rare) or Boots of the Winterlands (Uncommon) but better than a Potion of Resistance (Uncommon). It is probably OK but if you are worried you can make it require attunement.