It absolutely is. I have stripped the enhancement out of Jedi Knight gloves to use in my Trooper armor several times.
This becomes particularly useful when trying to replace the garbage enhancements you get in Rakata with a Columi one. (you would think the higher tier would have better enhancements lol)
Enhancements are usually best since they only contain Endurance and Secondary Stats (Crit / Absorb / etc) But there is no reason you could not pull out the mod and armoring to put in a companion piece if you like the look of your companion armor already. Or just replace the enhancement and use that piece for your companion.
If an item has mods in it, you can always pull them out and do what you want (other than trade them because they are bound) edit - armoring is slot (ie. gloves) specific... so you cant move them all over from columi.