Seriously I would go with not too elaborate dress here. The more gorish garments were mainly worn by Landsknechts and later Swiss (post Marignano), and tended to change (like the trouser style). If we take these back a bit they could work a bit longer in the timeframe, work for parts of the Italian, French or Spanish foot (probably even some peasant wars) and they wil still be able to fill the poorer ranks of the high time regiments.
On another note, the more garish slashings in the cloth are hard to make with plastic moulds.
With the new minisprues coming, we should perhaps suggest just one or two bodies of standing pike (to fill the backranks of larger units, with a collection of seperate heads (different feather styles over the years) and seperate sword/dagger. The pike has to be provided from another sprue.
Then lets see how it sells. If it does, other bodies & head can then be added gradually changing the style, until all armies from the Swiss and first Landsknechts after the Burgundian wars up to around 1550 can be fielded, using a mix of existing bodies and heads. Front rank minis could be left for companies producing metals or added later, though I would rather have marching and advancing poses in formation for bulk.
Here for some inspirational miniatures: