Keep in mind that this card is a "Noble Knight" monster, since the word "Ignoble" contains the word "Noble". This means you can Tribute this card to activate its second effect.
Both of this card's effects can be helpful in re-equipping "Noble Arms" Equip Cards among the "Noble Knight" monsters you control.
Other equipped "Noble Knight" monsters can be Tributed (or sent to the Graveyard) to have their Equip Cards re-equipped, or this equipped card can be Tributed to have its Equip Card(s) re-equipped.
If you have a LIGHTNormal Monster on the field and "Noble Knight Gawayn" in your hand, Special Summon "Gawayn" first, then send the LIGHT Normal Monster to the Graveyard to Special Summon this card. You can then Tribute "Gawayn" to activate this card's second effect.
Special Summon this card with "Noble Knight Medraut". Assuming you re-equip the destroyed "Noble Arms" card back to "Medraut", use that monster and this card to Xyz Summon a Rank 5 Xyz Monster.
After you use the effect of either "Noble Knight Medraut" or "Noble Knight Gwalchavad" and destroy the only "Noble Arms" card equipped to it (and you either re-equipped the "Noble Arms" card to another "Noble Knight" monster you control, or kept the card destroyed), since that monster is now treated as a Normal Monster, you can use it as a cost to Special Summon this card.
Send this card from your hand to the Graveyard for the same purpose with "Dark Grepher" or any other card that discards/sends from the hand to the Graveyard.
If you control a "Sacred Noble Knight of King Artorigus" that has depleted its Xyz Materials, use this card's second effect to Tribute it, allowing for three things to happen: "Noble Arms" cards equipped to it can now be re-equipped, a "Noble Arms" card is added from the Deck to the hand, and a "Noble Knight" monster can be Special Summoned by the effect of "Sacred Noble Knight of King Artorigus".