There's a dozen different ways to approach this idea. I don't really care how it's accomplished, it would just be nice if it was possible in way or another.
I'm not sure it could be done...or done without it being far more work that the cosmetic benefit.
Bound armor is not an item, not even once it is on the character. It is a spell. Though obviously it has a mesh and texture, I don't know how they would make it customizable per person. Maybe a choice of a few styles, colors would be possible that you chose.
Yes please. Just give a toggle to turn it on/off visually. Friend of mine hates always having to look like a poorly opened tin can. And looking just like every other Sorcerer that uses that armor. He has a really nice looking set of matched armor that he wears -for real-, but we never get to see it. What a waste.