Agreed on the cowl and I happen to like the cape as well. You can get the cape/cowl thing to look a lot better with a couple simple tricks using some Super Glue Gel. On both these figures I've done 3 of the Tony futzes: Pants pushed up to the crotch, glue sleeves to wrists (keeps the suit on the arms tight) and lower the shirt & logo/glue it down (lets you push the head forward & down without covering the logo). Both figures get red arrow step 1: lift up the cape at the shoulders and locate the tip/edge of the cowl. Do a quick spot check & lay the cape the way you want it. Now lift the cape up and put a drop or two of SGG on the tip/edge of the cowl and glue the cape down on the cowl. Repeat on the other side ( duh
). Now you get a much better drape with reduced gap as seen on the figure on the left. But if you're really sick in the head and want the uber drape, do the green arrow step 2 as seen on the right: lift up the cape, put a drop of SGG on the inside of the cape near the back of the shoulder, pull it taut and fasten it to the suit. Now you get a much weightier drape effect. Obviously it requires a level of commitment to the pose since you've glued the cape to the suit, you won't be pulling the head off to change the eyes anytime soon. You can still change the mouthpieces.
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In terms of keeping the cape under control, here's what I did. Take off the cape/cowl and lay it face up on a flat surface and smooth out the pleats nice and flat. Start on one side and locate the first three pleats and get them flat and well defined. Now, starting about an inch below the shoulder wire, lift up that second pleat, put of drop of SGG on the backside and glue it down. Do the same to the third pleat. Now move down about 4 inches or so and repeat twice, leaving about 4 inches or so from the bottom unglued. I find this keeps the cape more under control, you still get an easier and good looking drape, and still have plenty of spread from the middle of the cape. Plus, neither of the above capes were cut, burned or suffered any other injuries otherwise.
Hope this helps!