Sounds like a way to get around the WB-unfavorable court ruling that mandated that the company do something with the character by 2011. By suiting up Welling, even if only on TV, they might satisfy that.
As for the suit, I think a cape-less red and blue leather suit could potentially be awesome. The cape isn't necessary for concealment or flight the way Zorro's and Batman's are, and ditching it could be a nice nod to 21st century American humility. If Supes' message is that everyone should aspire to moral heroism, why add a show-offy cape? We get it, he can fly.
Bryan Singer was absolutely right to spiff and leather up the X-Men uniforms for the screen. Maybe it's time Supes followed suit (no pun intended).