Since you are not sure where the problem is let's check a few things. Do this after you set it to a simple drop down:
// check if the drop down was found. Should find 1
alert('Found select: ' + $('#SPComplexToSimpleDropdown_' + 'opt.Equipment').length);
// ensure we have a value to set
alert('select will be set to: ' + equipmentid)
On the last one check that the value you are setting is present on the dropown. Don't remember how Mark built the dropdown, but maybe you need the Title if you are using the ID of the lookup item.
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Paul
Sent from mobile device.