Okay it seems rather weird that when you undress you will wear the standard linen kit, if you equip the linen armor you will virtually look the same. If the stats on the clothes are meant as wearing requirements than something odd is going on too, since Henry has 10 strength and all the clothes seem to require 11.
None of the clothes so far seem to impact visibility/stealth or repute. Their only effect seems to be to increase armor values on different parts of the body. The protection value of leather shoes is a fair bit higher than the linen clothing.