I think if we look at the news for most boxers toons it was not done as fat tire suggests but that aside maybe it is possible:
I guess it has to be done one toon at a time (well if you plan to win) but maybe it is a ligit way to gear up.
I don't see 2500 battles, but 481 is also a lot, maybe I am wrong. So basically you are saying you have done one toon at a time like 500ish arena battles to get your gear, well that does seem possible. Clearly gearing 10 is less work then 28 ....
http://us.battle.net/wow/en/characte...atistic#21:152
Judging from some of the armory statistics perhaps losstrading would be more accurate.