oooohhhhh..... No I don't think that would really help all that much.
First, you can get something skin tight all over the body like that unless the material is stretchy. Yes, they make 4 way stretch vinyl, which is what you are looking at there on that costume.
Second, when using non-stretch materials, you have to have room to move in the garment OR the garment must not cover major joints like knees, hips, shoulders and elbows. Classic bunny suits are not stretchy, but they really only cover boobs (barely) to crotch, the hips and shoulders are completely unencumbered. Think of skinny jeans, they are either stretchy, or there is room to move for your knees and hips.
Last, neoprene is pretty pricey. If there was some sort of stretch hybrid option feasible, I'd go with a less expensive spandex instead anyway. But in this case that isn't what you need, so YAY! saving money!