You know, i have no idea why everyone seems to be (hence the 'seems to be') bagging this guy out just cuz he wants to make a kick-ass suit of armour. Cuz' for the SAKE OF F'ING GOD!!! it's not as hard as some of you make it sound, here's the facts:
1. It's an awesome idea, and someone SHOULD DO IT! (b4 me and you'll get street cred, hahaha)
2. If Level III/A or above type kevlar is used, then the suit will be BULLET RESISTANT up to a 5.56mm (.223cal), howeverm you'll need enough layers to bring it up to 1cm or perhaps 8mm thick.
3. Coupled with impact resisting foam, you'll then have a working suit of real-life (persay) Mk VI armour (by which many people will cream their pants after seeing it).
4. Add a whole array of features and you could sell it to a collector for probs over $10,000, or more!
I say GO FOR IT and do the best possible job you can, and it might not seem much, but you'll definately have my utmost respect!
Cheers!