Mega, I think Syndrome will be very cool. If you can't sew, you may need to seek "professional" help with that costume - or learn to sew. The other option would be to paint or dye the black onto a white suit, leaving the S clean.
Unfortunately, the computer can do things not possible in the real world.
Still, you can have a custom wetsuit made that looks like a Star Trek: TNG uniform, Superman costume, whatever (and many have) so working with a lighter fabric shouldn't be too bad. You could make the suit, then replace the S (cut out the black and replace the piece with white so it exactly fills the space and doesn't cause the suit to be thicker. The coloring/dying may looker more accurate though.
The gadgets will be lots of fun to do.
I think you should try to sculpt the gauntlets. Foam, covered in sintra would look right and be light enough to wear.
Fortunately, they even show hinges on them on the inside of the arm. (Damn, Pixar rocks.)
There may be a kids toys or something you can start with as a base to help (I seem to recall seeing 'Hulk Hands" "Thing Hands" "Kong Hands" "Superman Hands" at Toys R Us - may be a good place to look for the base gaunlet to sculpt on)
Perf, you look to me like a good Green Arrow candidate. The world can always use more stormtroopers too.
Boba Fett? Iron Man? A Klingon? Leo McKern from "The Prisoner" (as Number 2)?
:confused
Good luck Mega.