I know you can get multiple sets of armor, and these are not the issue here. The multiple sets of item modifications you'd be needing - that's the issue!
In my opnion it *is* hard to get modifications for your adaptive armor if you wanna equip several (say) three of your companions. Even for one character I find that doing quests only make this possible every once in a few levels.
Let's say, per character you have about 5 Armorings and 1 Barrel slot (about 7 Planet Comms each), 6 Mod and 5 Enhancement shots (2 PC each). That means you'd need around 64 Planet comms to properly equip one character, and the same amount for each companion you want to dress up.
If you've hit the level cap, you won't be getting Planet Comms, and you'll be needing other item modifications anyway, that you can buy with the other currrency, of which you even get less as measured to what you'd need!
Am I such a bad player that I find that rather much?? If so, please tell me what I'm doing wrong. Unless you need to be playing 14 hours a day, seven days a week... BTW Maybe Heroics reward a multitude of PCs? I almost never do these...
Actually it's not hard at all. I've managed to equip not only myself but all of my companions with lvl 66-69 mods. You just have to think outside the box.