I think donating an item seems too much, imagine a team full of mons with Sheer Force, Life Orb + each mon item, for example. Maybe, if people think sharing an ability and a move is not enough (it really is, it's nothing like Godly Gift (why did people even say this) and 5 mons have effectively 2 abilties and 5 moves, which happens basically in PiC only (you can have more than 5 moves there)), then maybe we could share two moves. It may make things way more broken, tho.
Here are some teams ideas:
King: Prankster Banette-M + Destiny Bond -> you can build the team however you want, maybe focusing on ways to break defensive teams and some speed control (Koko+Lucha or Rain, for example). If you've played SP towards the end of the last month, you've probably fought against a DBond Spam team, and they were very effective mostly against offensive teams. In King's Power, though, every mon gets the full Destiny Bond + Prankster combo thanks to Banette-M, so it may be even scarier here.
King: Multiscale Dragonite + Defog -> what a better way to keep Multiscale up than having 6 deffogers? (magic guard) Specially good if combined with Regenerator mons (like Tang, Toxa, Alo, Reuniclus, etc.), this King can not only give the team an amazing defensive ability, but also gives them the tool to protect such ability. (All this works for Regenerator Tornadus + Defog too!).
King: Multiscale Dragonite + Extreme Speed -> if you've ever played LC SP (lol), you know how priority focused it is and there's a reason: there's no Dazzling, Queenly Majesty or Psychic Terrain there. While Bruxish, Tsareena and Lele may not be awful leaders, specially Lele with Psychic Spam + Nature's Madness/Moonblast, they require your entire team to be built around them, the opposite of how they performed in SP, being highly splashable there. All this considered, I think ESpeed spam can be really good. Solid options of mons like Pinsir-M, Loppuny-M, Diggersby, Ursaring, even Sylveon (lol), etc. give the team a lot of options, and Multiscale is always highly useful.
I would like to ask if we're sticking with the "first mon in teambuilder is king" or there's still discussion about "lead is king". Although the second option makes bans harder, it gives the meta an extra layer of teambuiling and team preview, where you have to analyze your opps team to choose what King you think is best for the match. A well built team wouldn't rely on a single king, because that would make it too predictible. Teams too focused at doing one thing (ie, ESpeed spam) would suffer cause now choosing a Lele as the King is much easier, given you know that in that match it will be very useful.
Finally, I would like to say that even tho I love King's Power concept, it's not Shared Power, and no other metagame, be it cores of 2 or 3 mons sharing, each mon shares with next and previous mon, etc. will be Shared Power. SP has a simple concept that most people could easily understand and get hyped about, and that's what made it so popular and fun in the first place. Even though I was initially skeptical of the metagame's state after MG's ban, it improved a lot and you could see the diversity in the ladder. I really hope someday we might be able to see its comeback just as it is (specially given how it retained its population throughout the month, something super broken metas (sp isn't, anyway) usually can't do).