It'd be like the opposite form of turbo really, with the benefit of faster PL gain and the negative of decreased stats(PL, Speed, etc.) while you're wearing it?
-->Wearing weighted clothing: depressed Stats, faster PL gain (bonus or something).
-->Take off weighted clothing: Instant boost to PL, speed, defense, ki pool (they always seem invigorated after taking it off), etc. but PL gain bonus is irrevocably gone (unless you die..).
I don't think this should be something you can put back on. It should be more sort of a thing that once you relinquish it, it's gone. It'd prevent people from fighting with it off, then putting it back on all the time. This way they'd have to wear it until they mean business, which would also get the PL's in the game higher faster. There'd be more strategy in when to take it off too : "Can I beat this guy with my weights on? If I do, I get a huge boost.. but I could die if I don't take it off and not get any boost..".
Another way to do it would be to have it be an item. This would also limit when people took it off, because it could be stolen while they're fighting, so they'd better be done with it.
I'm not sure if its usefulness should be capped at a specific PL, but the whole idea is definitely appealing.
Imagine a fight where you see little bundles of clothing fly away from both fighters: you know "it's ON now."
I'd be excited to see that in a later release. (i.e. POST-beta)