If you want it fast and kind of cheap. Go the way of Pep. You spend enough time on it and you can actually make it look really good. If you have a lot of time on your hands, as well as money, go the way of molding. Look at all the stickies.
Hmm, have you taken a look around yet to learn a little bit about each process? Better do that....
Anyway, a lot of factors should be considered when determining your method:
How much are you willing to spend?
Do you have a lot of time, or do you want to finish it quickly?
Are you good/knowledgable with sculpting?
Do you know how to use fiberglass resin?
How many suits are you planning on making?
How sturdy do you want it?
I know....lots of questions.
Basically, pepakura will give you a 100% accurate ratio between the pieces, and will fit right if you scaled the whole thing correctly. It also happens to be the cheaper way of making armor, and looks kinda good too. the only thing it fails in is getting smooth curves, but that can be negated with enough patience and effort.
Modeling out of clay gives you the opportunity to enhance your armor with tons of detail, but requires many hours and lots of clay....not to mention skill. then comes the pricey molding and casting process, but the benefit is that the more suits you make....the cheaper your molds become.
But first make sure your printer can deal with 110lb stock, some can, some can't. Mine can only take 90lb max. Check your printer's specs, it will list the max paper weight it can deal with, if you try to feed 110lb in a printer that can only take 90lb you'll have feed trouble, wasted paper, ink and possible damage to the printer.
definitly go for pepakura. BUT, remember this, you MUST scale the item/piece of armor you want
to construct, or else it will turn out too big or too small. if you have further questions,
just ask for Spase, (he is a cool member of 405th). he will tell you ALL about pep. and how
he made his. (his helmet for his avatar is pepakura)