Something I just did in a Danish campaign: I devoted Norway to producing the cheap +1 valor vikings and developed its infrastructure to include a Cathedral and Master Armorer. After producing each gold-shield viking, I sent them next door to Sweden, where I had developed the infrastructure to include a Master Weaponsmith. Retraining the gold-shield, +1 valor viking in Sweden resulted in a Gold-shield, Gold-sword +1 valor viking with the Cathedral morale bonus. Ridiculously effective unit. Dirt cheap and makes Huscarles look like peasants. Plus you can produce them throughout all eras.
Until I tried this I didn't do much retraining. Since, I've been taking a closer look at retraining possibilities. This technique works great for important, high-ranking heirs & generals too if you build a Royal Court in the provinces with the high-level armorer/weaponsmiths.
Bit of a necro but I figure any posting nowadays is a good thing, heh. Happy gaming.
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