Implementing an appearance tab, hurts the crafting community. You will be able to get any look you want, and keep stats in line.
Admittedly I'm not "end game" yet, but in the midgame, I have yet to find mods anywhere near the equivelent of armor I can craft. And, of course, end game is when the game ends, and I do something else until an expansion, and thus anything there is irrelevant IMO.
So I am currently put in the position of wearing inferior armor that looks good, or superior armor that looks horrible. And will be for the forseeable future. And, from what I can tell, the price for the inferior mods to improve the good looking armor is far more that the superior but bad looking armor
So no, the current mod system does NOT work.