Back in the days of the old AC system, I put a lot of effort into finding armors that I thought looked just right for a toon. I'd even buy them on the AH just to see how they looked, then put them back up for auction when they weren't right. When the new crafting system came out I had dreams of re-crafting the same armor over and over as I moved up levels, just to keep the right look.
Then along came the new armor system and armors became obsolete every four levels or so. So much for that...
Just to make things worse, some of the new armors are just hopelessly silly. Spikes I was okay with as they were a part of the look of official 3/3.5 D&D, but the rage in plate mail right now is inanely huge shoulder pauldrons (or whatever they're called) that would both get in the way and block the wearer's view without doing a thing to protect him/her.
All of which is my way of saying, yeah! The ability to make a cosmetic out of any suit of armor you want would be a huge improvement. Nothing gets me to waste my precious Turbine Points on all this decorative cosmetic trash -- but that... that would finally do it.