I would just do the "old" costume version. Lightening fabric is unpredictable and can destroy it (bleach can weaken fibres). Lightening a costume often results in splotchy fabric, not an even tone.
Your suit is also not 100% lycra. The base fabric would determine how well it would take bleach - even best case is not too good.
Paint all over a suit is going to get crunchy/wrinkly/peely over time. I've seen some people do that on other costumes and it's not a great bet.
You could buy a grey suit and combine them. Or just stick with the costume you were originally going to make.
Disclaimer : This post written by a Grumpy Old Man
Actually in the pipes:
- Remaking Ser Loras doublet.
- Luke Skywalker, A New Hope
- Wind Waker starter costume in swim material
Eventually: Paul from Dune, Faramir, Harry Sullivan
Last edited by Kelley : 06-30-2013 at 04:51 AM.