Well, considering we once had visible belts in 1.0 which was removed in ARR due to clipping issues and the fact it was restricting equipment design creativity, I don't see capes/cloaks being brought in. I mean, Lighting's costume cloak had to be modified by 'tucking' it into the belt, as it would have caused too much issues otherwise. So I don't see SE bringing this into the game at any time I'm afraid.