Assuming you ask permission and credit the other mod (if you plan to distribute it), you can do that, and make the other mod required. However (still asking permission), a better way would be to copy the armor/effect files of the old mod to another folder and use the meshes, textures, etc. required, Without the other mod being necessary. If you do it this way, you will have to put together the files for the armor/effect manually, but it isn't that hard.