I think this is a definite necessity unless the modding tools allow for custom assets and we get some armor mods akin to the way modders in the bethesda modding communities always have made. At the very least I'd like to be able to have a "vanity" slot or something to make sure we get the looks we want.
It looks like it should be possible: I've already used Norbyte's tools to replace bits of armour with stuff I had in Ego Draconis to see if it works. It does, though obviously with limitations as I can't create entirely new pieces of armour without full modding support. But existing meshes and textures can be replaced.