I have my settings all on ultra and the set still looks horrible. It is good to hear you are looking into this and I hope you are able to make it look better. I don't know what design idea your team had with the armor but the current colors make it look little too unrealistic and unreal, it is just little bit too dark. In the official art the armor looks good so could you possible tone the darkness down a little and make the metal look more real?
As I mentioned in the comment above the ultra settings are only part of what's going on here. Didn't want to clutter with too much detail, but what you've suggested there is basically the other part that I was referring to :) In the past we had to push darker and lighter values in textures a lot to make them show better, because of a change in systems we need to do the opposite and limit the range.