I had read that about an hour or two before seeing the episode, yesterday. The only thing is, unless I'm missing something, in the show, the outfit did't have a powered exo-suit underneath it.
Well, I didn't say it was exactly the same; for one thing, the villain was different, and the Hall of Justice wasn't destroyed in the comic.
The writer of the comic gave Mal a super-strength exoskeleton because the intention was that he'd continue in the Guardian identity, but when Julius Schwartz took over as editor in the next issue, he nixed that plot thread. Here, though, it was just about Mal putting on a bluff to distract Despero long enough for the others to come up with a plan. Having him just be an ordinary guy standing up to this superbeing made it more impressive.