So it's no surprise I've found three different mods that make an effort to fix it:
MadCat221's http://skyrim.nexusmods.com/mods/2903 deals mainly with the female version of the armor. I haven't tested that one with a female character, but I can say for certain that it does an excelent job fixing the "loincloth"'s animations. But sadly, at least on a male character, the neckline remains.
To fix that, we have feanbeast's http://skyrim.nexusmods.com/mods/4428, which completely removes the problem. The only issue is, it's incompatable with the previous mod's loincloth fix. Of the two, I personally think the neckline is the bigger issue, but it's frustrating not being able to use both.
Also, for anyone interested, there's Abakus' Better Looking Ebony Helmet (which for some reason I can't provide a link to, so here's the URL: skyrim.nexusmods.com/mods/4131), which fixes the weird proportions. It, thankfully, is compatable with both of the above mods.
Is it possible to actually combine the upgrades to MadCat221 and feanbeast's mods? I.e., fix the neckline and the weighting issues? I sadly lack the knowhow to do so.
