You could also implement a character and inventory management screen, were all your characters and all items you ever found are listed. The player can then decide (provided the module allows it) which characters and items to start with. This could be combined with a buying system, eg. the module gives the player 100 points to start with, the player's longsword+1 costs 10 points, his priest lvl2 costs 20 points (lvl1 would be free of course) etc.
This management screen could also be accessible during gameplay / after the module started, to change your party or get some items afterwards. The currency could be XP + Money...
I think I saw something like that in a strategy game. Don't know what the name was, but you could create and level up a hero and had to buy/choose your troops before every scenario of the campaign.