If it weren't for Wally's treatment since Barry's return I'd be fine with the current costume. But yeah, he's been treated as less than a sidekick since then and the costume bearing a similarity to the Kid Flash suit rubs me wrong on every level.
Just put him in the Walter West suit like everybody seems to want; it's different enough to make him distinct, it originates from Wally's time as Flash, it's a suit *a* Wally wore....it's also a better, cleaner design (in my opinion). It's just superior in every way. And I'd rather have a suit that reminds me of the Waid era than a suit that reminds me that Wally will always be below Barry in terms of relevance and importance both in DC's offices and the DCU.