Yo!
So I found the stuff and checked it out. It is the stuff from Lowes.
So I here are my observations.
I didn't buy it. The reason is, I am worried about the strength of the material compared to EVA. When I bent the board past 45 degrees it snapped and cracked. I am not sure how one would repair this. With EVA, I could punt my war machine helmet and you wouldn't be able to tell.
That being said, I could see how you make a prop with incredible detail and very sharp lines. I would just worry about durability. I think that the way to use this would be as a supplement. Much in the way we use 2mm foamies for detail work, I think this polystrene board could be used. Compared to foamies, it is much more rigid and just as easy to cut and work with.
I am also concerned about how it would take paint. I think plastic dip may work, but I doubt other methods.
I am interested in how the OP's paint job will turn out and how durable the entire suit would be.
Keep in mind, I build these things for Halloween, and then get very rowdy in them. For competition or to show off at a con, this material may be prefect.