If the Equipment is no longer on the battlefield as the job select ability resolves, explains WotC's Matt Tabak in the official FINAL FANTASY Mechanics article, you'll still create the Hero token, although you won't attach any Equipment to it. When my Reaper's Scythe enters the battlefield, its job select ability will trigger and put the trigger on the stack
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This is one of my favorite versions of the card, and something Ive actually been on the lookout for recently
Coming or going, yours or theirs, killed or milled or discarded, if the graveyard is involved then the good syr gets his ping
The reason is that these cards are quite closely tied to what you can have at various points of the curve
You can also replace Palinchron with Archaeomancer + Turnabout for the same result