It depends on what you mean by "dynamic" and how dynamic you need it to be.
Currently the only solution would be having 1 PKFxFX component by part of the armor and have them sample a static shape, the limb's transforms are the FX's transforms.
We have a feature in development right now that would be useful for this, too : the attribute samplers.
This would allow you to have attributes of type "shape" and pass a mesh and its transforms to the effect.
Finally, we have a feature currently on backlog that would allow to sample skinned meshes, by binding a mesh and updating its bones every frame.
Unfortunately we haven't scheduled that feature, yet.