You know, the more I think about this, the more I like the idea. Would make it so I can play on a higher setting while still enjoying my look. I have a tendency to find the one armor set I find actually attractive and pretty and stubbornly refusing to change it no matter how much it hurts, and how much better the stats on other armors are.
It would be nice to not have to make the sacrifice of style for function even if it took a lot of work to do so. "Realism" of the outfit be damned is my character and I'm willing to jump through hoops for an outfit I feel is pretty.
Before anyone says anything about chainmail bikini's, I'm not a fan either. I just think there's a balanced compromise between realism and attractive that can be reached. Chainmail bikini's and rediculous amounts of flesh is too much, but realism to the point everyone needs to be a walking potbellied tin can is just as bad. Both are extremes, and I think both the give me my half nekked chick crowd and the I need to be completely accurate and protected in every way regardless if anyone else thinks such is garish and ugly need to realize that asking for their extreme completely alienates the other side, and completely screwed anyone that wants some both modest and sexy.
It's a game, everyone from all three categories to an extent deserves representation. Is not like there's not going to be enough armor sets for it.
Also more people need to share rather than restrict. If you don't like something in game, don't wear it, but don't demand no one else can have it because you don't like it. Believe it or not sometimes we can all get what we want if willing to allow the same for others.
Mostly, however, I feel the outfit of character in a movie, or game, or any other work of fiction should be representative of the personality of the character and who they are as a person over any functionality of the outfit. I prefer style over function, and things can be stylish, but not fully functional without being overtly nude as possible.
For example Varric's outfit in dragon age 2. I loved it on him and was perfect for his character, I'm sad to see it gone replaced by the same full body armor we all are getting. I guess no more chest hair jokes, alas...
So yes I'd love to have customizable outfits, so that when I find a style I fall in love with (sadly rare in dragon age or most games really, again with the whole extremes thing either way) I can wear it always and say, "this outfit here, this fits how I envision my character"