Maybe I'm being pendantic, but I think OP is not the correct term. It add a new feature that is very nice to have, especially in mistlands, but doen't really make you much more powerful, certainly not OP.

I get the fashion side of it, but I think that mostly stems from the odd nature of capes in the game in general. Why not ask for adding the abilities of troll, root, or fenris armor to any armor? I hat the look of troll and root armor, but wear root parts occationally due to their special abilities, which are arguably more consequential in combat than feather fall.

The odd nature of the capes is that there is not a linear progression to the capes. The troll cape adds a bit of sneak, but that has limited utility without the full set of troll armor. The wolf cape adds cold resistance, which you can also get from the wolf armor. The lox cape is just a reskinning of the wolf cape. AFIK, the stats are exactly the same. The linen cape, which should have been top tier before Mistlands doesn't have any special abilities, and is a step down from all of them. They all have the exact same armor value as well.

The feather cape adds an important new capability, especially for the biome that you get it in. Outside of that biome it's not so important. Removing the ability to travel in the mountain biome (two tiers down, and often neighboring mistlands) without having to carry around additional mead and/or another cape seems like a bad idea.

I suspect that more customization will come out before the final release, which I believe is really what you're looking for. I absolutely do not support any suggestion that forces us all to carry around additional items just to help some justify their desire to make a fashion statement.