It feels like to me the answer is both. I like the idea of an armor bag... seems like a tiger could transform out of that, say into a bird, without hurting the bag so much.
I think the way to play this character is just strategically and with as much forethought as possible. Against single/few opponents without automatic rifles, the character can just charge them and take them down. When doing a B/E job, the character can be invisible, hopefully have some sort of armor on, and rip the heads off of anyone needed. When fighting groups, the character can stay invisible, try and cast something like hotpotato, and just try and take down folks either from a distance, cast invisibility on other team mates, or just hit soft targets. A well placed grenade/fireball could ruin his day, but, it still sounds like a fun concept to play.
Especially with 15-20 karma for a few more spells, this character does seem like he would have a lot of options for different situations. I think I'm up for the challenge.
And if it does not work, then I'll just start working on the next character now. =)
Right, what ZeldaBravo said.
You have chosen a tough concept, now you have to refine it through optimization to be workable.
First of all, you have to realize that you are highly dependent on preparation. That is a drawback - most confrontations are over before you have all your buffs up.
Secondly, you are very squishy, so you should look for options to be a bit less armor dependent.
My first suggestion would be to change from Chaos tradition to Psionic. You keep Intuition as you drain stat, but you now have a possession tradition.
Now, get an armor bag. That thing is flexible enough to be worn and put on by an animal. Get Gel Packs on it as well to increase armor. Now conjure a high force spirit of man and have it possess the bag, so it's armor increases by half the spirits rating.
The spirit now gets also the command to recklessly cast Armor and Reinforce and sustain them - if you are nice, you learn these spells as limited versions and make the armor bag (which you can modify with Fashion) the fetish (you can fluff that thing as your magic armor)
Now the only thing you have to do is to transform yourself.
The other way would be - as previously suggested - to learn improved invisibility and have a spirit cast concealment on you.