Hmm, I picked up the Dire Eliminator's chestguard for my guardian (L43 item, 325 cartel coins) and its hood down whether or not I have my head slot hidden. Here are some pics:
Head Slot Hidden: http://i853.photobucket.com/albums/a..._12_127988.jpg
Head Slot not hidden: http://i853.photobucket.com/albums/a..._00_109733.jpg
I think I have seen some other players with the same chestguard (at least according to thier equipment list) and they had the hood up, so I have no clue whats going on with my character.
Its a fairly nice red with white and black highlights, so I am pleased.