Yeah, that appears to be the case. Thanks for the tip.
So why would my status with the NCR be "Accepted" when I am wearing neutral armor, but when I put on NCR armor, I have no faction standing with them at all? Isn't that odd, or am I missing something?
In the actual faction armor script in the game, it saves the reputation variables when you put on the armor. There's actually two variables: One for good stuff, one for bad stuff. It saves both and then resets them all the neutral status. Then issue occurs when you take the armor off, it doesn't factor in any new changes and simply restores the old variables to before you put on the armor. A mod could fix that, I'm just not sure how to tackle it.
Both for the most part, the faction armor in game disguises you from everyone. I'd have to look at it more to make sure that's all that happens, but it seems like it from quick inspection.