That is one tricky cosplay, and I love Zero *grins*
Mod podge is a sealer and finish glue substance. I used this to all my foam projects before I spray paint it. Because spray paint eats off foam.
for more info.
Acrylic sheets (Plexiglass is a name brand) can be cut with Plexiglass cutter. Its a sharp object with a handle and you can use it to cut some. You'll be needing a set of blades to change it because it takes a while to cut the acrylic sheet. There are some websites where they sell Plexiglass and they can cut it for you.
As for the whole suit of armor, you could try to make the illusion that it changes colors. If you can figured out a way to make the armor, (I would go with foam or vacuum forming) and attach LED lights inside a specific areas, you could it make look like it really is changing colors. Think of it as a Tron Suit, except it changes colors and stuff.
LED lights work much better then EL wire, because If you want it to be that bright I would go ahead and use LED lights. Talk with a specialist if your looking to buy some online, they may help you with your case on how to make a row of lights to change.
Im assuming you want it to change lights like when you see rows of lights change on christmas trees. I know there is a specific name for that (trying my best to remember)
This thread talks about how to use pepakura and has a tutorial. http://www.cosplay.com/showthread.php?t=247800