Nice idea but a very big but.
Someone will spend weeks colouring animations frame by frame and in the end only a few out of 10 gazillion armour configurations will prove viable and will be used .
Theres a bunch of combat armor animation sets that are different color already, as for other armors, too bad.
(http://wiki.fode.eu/images/6/6a/HMCMBRAA.gif) (http://i.imgur.com/2PvPvuF.gif) (http://wiki.fonline2.com/images/5/5e/Cmbtmk2male-3.gif) (http://i.imgur.com/RmThD2d.gif)(http://wiki.fonline2.com/images/f/fe/Enclavemaleclear.gif)(http://fonline-aop.net/wiki/images/3/3d/Greycmbtman.gif)(http://fonline-aop.net/wiki/images/2/20/Test2.gif) (http://wiki.fonline2.com/images/d/d4/Navymaleclear.gif)
and as for topic -1, seems like it will put more grind just to get better armor, and someone can lose armor very easily.