I mean, when it comes down to it the Refractive Armor prototype is basically the Nanosuit that does Maximum Armor and Cloak at the same time. The reason the Nanosuit never did that is because there’s no point tanking when you want to be unnoticed and sneaky. That said, without blatantly stealing the Nanosuit, here is something I believe will help Phantom do what he already does, but better:
Remove the damage soaking entirely and introduce a new ability which grants Phantom increased movement speed and bullet deflection (or damage reduction) from the front. This new ability shares the same suit energy as the Refraction mode, so Phantom players would have to manage their energy supply for two different abilities while having to decide between remaining low profile or rushing in to get the kill. Additionally the suit energy pool would have to change to properly fit in the new ability so that it is not so powerful that Phantom becomes a cheap juggernaut like he used to be pre-nerf.