I am doing similar works on clothes and nowdays in Blender is easy (almost) to do something like that you want.
I will give you the tutorials I know but most of the clothing things is up to you, it needs your taste. For the character is also important the order of the modifiers and the weight you are giving to the clothes. Remember for a good effect that even if a cloth has the same weight in every point the body underneat can change its way of moving.
Some suit simulated takes a lot of memory and usually has more vertices than the model
Clothes simulation takes a lot of disk space for the baking of the softbodies. Make it finish all the frames you declared in the mask of the softbodies or you can have unexpected movements on the clothes. If something strange happens free the baking and rebake. Sometimes with the button bake I got errors that I did not get if I press the right arrow key forcing the bake of every frame (but it was on the previous version of Blender on Mac).
An annoying thing (maybe someone with more experience can help you and me) is that you can’t pose the clothes from frame 1. If you move the armature on frame 1 the clothes does not follow your character you have to make them simulate for some frames moving the character from the rest pose (frame 1) to the initial pose of the animation (frame 25 or 50 to give some sec to simulate).
My guess is beacause the system is a simulation that needs times (and so frame) to bake the folding clothes and you can’t put negative values in it. So the clothes start themselve in a sort of “rest position” for the softbody.
I hope I was clear, I am just sharing my experience.