The armor must be powered by redstone torches or regular fuel. There'd be an armor inventory with the following:
Power [fuel and redstone torches go here]
Repairs [add diamonds or redstone for a timed repair]
Storage [Max 4 slots]
One redstone torch would power the armor for 1 day.
Coal would be 25% of a day
Wood would be 15%
Lava bucket would be 4 days. Bucket would be destroyed.
Repairs would take about 1 min, real time to complete.
10 redstone dust would repair one armor point [a half shirt]
1 diamond would repair four [two shirts] armor points.
If there are any details I've missed or if anyone is interested in making this, please PM me or reply. I'd make this myself but I don't have the patience to update it every time minecraft does. Nor do I know enough [read] java.
Edit: I forgot something, once the armor is out of fuel, the wearer is immobile until the armor is taken off or refueled.
If anyone still gives a darn, I'll be taking a five day, all day, college course in Java next month. If I learn enough, and I probably won't need all that much, I'll start working on this ASAP. Anyone who can do pixel art PM me, please, you DON'T want me to make sprites for this.