I dunno, it might be difficult to implement all the different armors, not to mention modded stuff like different skeletons and animations. It might have been easier in Halo: Reach, because they only had the Spartan armor to render.
I don't think you understand. There are two ways to "see your legs".
1) Make your 1st person camera go in the exact area where your head is. The placement is vital. Wrong place could cause clipping with your view. Then fine tune it with settings to make it feel smooth, and change the animations a bit.
Your armors have nothing to do with this, as long as you don't have pauldrons that are 5 feet high, which I think you don't have. Making a new skeleton wouldn't be necessary, but even if it would, it definitely wouldn't be a big problem making one.
2) Add 1st person animations to your "original" 1st person view without changing the 1st person camera. More animations would have to be done. But it's probably the easiest thing to make, but it's hard to become as "good" as 1) if 1) is done correctly. Armors have nothing to do with this, unless your greaves are 5 feet thick, which I think they aren't. Making a new skeleton wouldn't be necessary, but even if it would, it definitely wouldn't be a big problem making one.
People are acting if this is the biggest and hardest task in the world. There have been at least 3-4 mods for Oblivion trying to make 1st person view better by seeing your legs etc...
None of them have succeeded completely, but none have been really continued in work either. By professionals, I think making something like this wouldn't be any problem at all. And it would definitely be worth it imo, because it makes 1st person view a so much more realistic and cool experience.