I'm no good with nifskope, and I can't really mod at all... So, correct me if I'm wrong. When I started my new playthrough, I noticed that the flag outside Doc Mitchells house waves in the wind. This gave me an idea for Ranger Combat Armor... If a flag could do this, could one theoretically change the model of the Ranger Combat Armor, by detatching it from the legs of the character model, animate it to wave in the wind just like that flag? I don't know if it will work, but it was a good idea when I thought about it.

possible, yes. Feasability, it would take a crap load of work for animations to make it work. The best way to do something like that would be to use soft bodies, which the engine does not support.