OK, well, I don't know what was going wrong before with my whole-game equiv file.
I just tried a simple test with a couple of folders and just uisng a simple equiv file to share a passport image between the Title and the Caves. This worked fine both with the folders copied into the Textures folder and also using them on another drive and a root mapping file pointing to them.
I think the reason this didn't work before is that I hadn't deleted all duplicates.
I am still uncertain the best way of managing this on a level-by-level basis. Some things that spring to mind:
1) To manage the duplicates requires a fair bit of effort -- it seems it would be eaiser to texture the whole game in one go!
2) An equiv file of anything over a few definitions becomes difficult to manage because we don't know what folder/image name corresponds to an actual image. We would need to
a) comment the equiv file with notes about what image each block refers to.
b) then, we need to constantly refer to our folders and manually delete duplicates
c) and for this to work, you have to keep track of all the dependencies so that if you have deleted the passport from all the GrecoRoman levels for example, the user MUST install the peru levels first.
I am not keen on any of (2)!
Am I simply making things too complicated?