But what if the charger is a barbarian with a battle axe?
I would allow any weapon to be used, with the obvious caveat that the longer weapon strikes first (which already is incorporated), so if your opponent is charging with a battle-axe and you wave a 2H sword you are good to go.
And yes, it is already a Full Action (two Half Actions, actually, one for the Set, the second Half Action for the attack)
This may need clarification, personally I don't se a Set as an attack, you are letting the opponent to attack themselves, so it should be resolved in another way, maybe base weapon damage + bonus based on movement speed
1/2 action should be a kind of "Hold/Wait" action and the other 1/2 would be setting the weapon
Maybe you can Ready & Set as a full action or just Set as a 1/2 action with some penalties/drawbacks
Ready & Set is the classic move use in action movies, where the warriors hold until the enemy is at the correct distance
Set alone is more horror movie where the victim use a "Weapon" on the last second against the monster/bad guy
I know this my be to involved for FX but I like having options