What is companion armor?

I'd use this as a way to hand out 'transmog stones'. Each time you get voted up, you get one transmog stone/crystal/potion/moogle... used to transmog one item once.

But also let it be used for repairs.

It needs to be things people will always continue to want - and that's two of them right there. Maybe grand company seals also.

I would also add 1/4th of the MVPs you win to your FC automatically. So that FC's start seeking people who are good at getting MVPs, so the Free Company can use those FC-MVP points on things like 'FC House items'.