I agree. Fiberglass will not stretch or give and can be darn uncomfortable when it's on tight. As a lady, I can tell you gals have a hard enough time finding comfortable bras and panties at the store haha. So if you want this to fit in this manner you'll have to model to someone in particular as Spartan 161 suggested.
Hmm as references go, these models are rather romanticized, so
I don't see the red one working in real life without a woman of some serious...caliber underneath to 'fill in' that much curvy and open space of armor
(i.e. you'd be using both resin and silicon to get these results!).
Now, the green one (while it looks more suited to a leather working project) seems like a more plausible start.
Using that as inspiration, you could get a desirable result by sewing a tight fabric top (or using a sport bra) and applying separate, contoured armor plates to it. If it's just individual pieces put together it will be more comfortable and will be easier to fit to the curves of a woman. That way, you can get the suggested detail without it being unwieldy to wear.
The H2 pep is rather bulky no matter what the scale is (and this is certainly the goal for the original spartan concept) so you will have to do a lot of constructing and 'de-constructing' to get it to look more flat or tight (like the green model's calves for example). I did something to this effect to make my spartan space diaper the lady version. The pep models will certainly give you a starting place though.
I honestly think you can do this if you have enough patience and attention to detail. Just have a model to reference often! You'll probably be looking at around $200 USD like most good pep suits since you'll be using the same mats.
Hope that Helps,
---Vex
(On a personal note, wearing something like this irks me hahah

. (But I can see the appeal for you fellas to want to see a woman in this))