I am just now starting to see my area's respawning, and my first cleared was removed from the USAF Satellite Station Olivia. I know that containers, and non special people respawn, but say a location had some power armor in it, will that respawn as well?

Not that I have seen.

Couldn't say for sure tho, but it seems unlikely.

Nope, and if you pass through an area the armour is fixed at that level. Or at least that is what I'm assuming since I'm finding sets of T45 at lvl 35.