User blog comment:ThiefAC/OUR WIKI - RANKED IN THE TOP 5 FOR CONSOLES/@comment-1872981-20101113145346/@comment-1698809-20101114115036

Right now I don't know. I've seen nothing in the manual (which sucks) and I only have one set of armor right now and I see no unequip option. I'll know more once I get another set. But this is an important feature for me as well, I had to replay the game again to get a second save without all the armor.