@Lone wolf promoting has nothing to do with items, fusing, or enchantments. Promoting is the heroes star level which will not "nullify" anything at all. fusing does "nullify" your items enchantments. Well, everything except for the heroes signature item. If you have done any enchanting to the signature item it is permanent and you will never lose it.
I could go for a Cheese Burger right about now.... Just sayin