In theory it is, but you may have issues of clipping because NifSkope won't let you delete
part of a mesh unit. Usually the part of the body that is covered by armor is deleted from the body mesh in the modelling tool so that it can't poke through in extreme poses. If the armor is loose enough, that won't be a problem, but it might look strange that the armor is floating off the bones, instead of resting on them.
Also, a lot of armors have straps around body parts that fit the underlying body. Those would look silly on a skeleton, so your choice of pieces may be limited.