I think that would be an amazing idea to implement. Sort of like the cloak on the back of the Cloaked Duelist Robes, these cloaks could have that appearance and also have the wizard's school design on it.
maybe more for aesthetic purposes... Or at least let us disable capes on outfits... Or being its own item... Mix and match.... Like sure everyone would go after the archangel wings...
I would really like Gloves/Gauntlets, Face (i.e. Glasses/earings) and/or a second ring spot. (Though I know lots of people want a second Amulet/Totem spot too.)
A cape would be really cool, but it would kind of depend on the outfit as some cloaks already have capes. (If that makes sense)