This depends on just what your mod is doing. some characteristics:
An .esm's position in the load order isn't as easily adjusted as an .esps., unless the users are using FO3MasterUpdate. If you are editing the existing power armor objects instead of replacing them outright, it could mean that other mods in someone's load order would interfere with the operation of your mod and they'd have trouble stopping it - unless you went with an esm/esp pair. I don't see how an esm/esp pair would make those compatibility patches any easier.
For me personally, the main thing that using an .esm fixes is that navmesh in .esps doesn't work right if the navmesh is a certain shape. If you're not doing navmesh in your mod it's not as big a benefit.
A strange problem-sort-of with .esms I have seen is that, if I change an object in the world (one which lived in another .esm such as Point Lookout) I have to set it persistant ref or it doesn't look like I changed it in the world.
Its possible to make an .esp which carries another .esp as a master. I made several for my mod (Phalanx). If I recall right, what you do is, you add the master in via FO3edit, then load stuff up in the GECK and do your regular old editing, then after you save the file and close the GECK, be aware that the GECK strips the master out of your .esp. You then have to go back in using FO3edit and re-add the .esp as the master (by editing the header of the .esp), and then I think you do "sort masters". It's been a while but that is how I recall it.
I'm not sure what to suggest but that's some info about it.