Actually I have to say that I am NOT against the cape, IF its not to cheesy..
For example I really really LOVE the black Costume of HYPERION where the cape looks cool-Future State Conner Kent look to bright with the cape and his body-size is also to small and the cape doesnt fit because of it.
Speaking of Telekinesis-I LIKE the Idea of Conner having ALL Kryptonian Powers, BUT replace Heat Vision, Freeze Breath, Super-Breath with Telekinesis.
In this sense it would make him even more powerful and more variable than other Kryptonians:
-instead of Heat Vision he can practically use TTK Blasts and is able to wield, destroy etc. things by using Telekinesis (Tetsuo from Akira actually punched a big hole in the moon for example with his Telekinesis)
-He can control things with his mind so he can replace Freeze Breath and Super Breath by controlling Air and water
-Telekinetic Shields
-moving objects around without touching them
-ballistic telekinesis
etc.