I'm working on it, and have simplified him a whole lot. At the moment the main issue is fitting in the "badass not in the suit as well" stuff, since in what is already a crowded archetype (Iron Man is really about PL12, so there is cutting anyway). A lot of that involves spending points that are only effective on the rare occasion he's fighting out of his suit (exhibit a: guns), and I'm not yet able to still have enough extra points for a variable equipment 1 container. What do you want the extent of his out-of-suit capabilities to be?
EDIT: Max so far.
[sblock]
Arsenal of Democracy
Max Rosenbaum
Power Level 10 (150 pp)
Abilities: STR: 14 (34), DEX: 12, CON: 20, INT: 20, WIS: 12, CHA: 10
Skills: Bluff 4 (+4/+7), Diplomacy 10 (+10/+14), Gather Information 12 (+12), Computers 12 (+17/19 in suit), Knowledge [Business] 4 (+9), Notice 10 (+11), Survival 4 (+5), Sense Motive 8 (+9), Swim 0 (+2/+12 suit)
Feats: Accurate Attack, Attractive, Benefit (Wealthy- CEO of MaxCorp), Connected, Evasion, Improved Initiative, Jack-of-All-Trades, Luck, Power Attack, Tough, Uncanny Dodge (Visual), Well-Informed
Powers:
SEAL "Powers" (Some feats and skills are from that source, too) 4pp :
Speed 1 (1pp)
Swimming 1 (1pp)
Immunity 2: No Need To Breathe [Flaw

artial] (1pp)
Super-Senses 1: Danger Sense (1pp)
Device 15 [Battlesuit, Hard To Lose) (60pp):
Feature 1: On-Board Masterwork Computer (1pp)
Mask: (Buy off Limited Flaw on No Need To Breathe) (1pp)
Unobtainium Armor: Protection 7 (Extra: Impervious) (14pp)
Neutrino Scanners (6 pp):
Super-Senses 6 (Accurate, Acute, Analytical, Extended, Radius, Ranged, Extended Range Radio Sense (Radar + Acute, Analytical, and Extended)
Force Bucklers: Shield 2 (2pp)
Personal Anti-Grav Generators (14 pp):
Flight 5 (250 mph),
Super-Strength 2
Communications Array 7pp (6pp +1ap)
Radio: Communication 6 (Radio)
AP:
Datalink 3 (Power Feat: Machine Control),
Quickness 6 (Limited: Computers)
Blast Array: 30 pp (26 pp base + 4 Alternate Powers)
Enhanced Strength 20 &
Enhanced Feat 2: Attack Focus 2 (Melee) &
Super-Strength 2 (22.4 tons) (26 pp)
AP:
Force Lance,
Blast 12 (Power Feats: Accurate, Precise) (26 pp) [Force]
AP:
Sonic Blast,
Stun 12 (Extra: Ranged, Flaw: Full-Round Action, Power Feats: Accurate, Precise) (26 pp) [Sonic]
AP:
Lightning Bolt,
Blast 12 Extras: Targeted Area- Line, Flaw: Range-Touch, PF: Accurate, Precise (26pp) [Electricity]
AP:
Rocket,
Blast 8 (Extra: Area- Burst) (24 pp)
Saves: Toughness: +13 (7 Impervious), Fortitude: +7, Reflex: +7, Will: +5
Combat: Attack: +6 (+8 Unarmed/Blast/Stun) [Unarmed/Blast Toughness DC 27, Stun Fort DC22], Defense 17 (13 Flat Footed), Initiative +5, Grapple +24 (with Enhanced Strength active, +10 without), Knockback -10
Drawbacks: Normal Identity (Full Round Action) -4 pp,
Abilities 28 + Skills 16 + Feats 12 + Powers 64 + Combat 22 (Base Defense 5, Base Attack 6) + Saves 12 - Drawbacks 4= 150
[/sblock]
Probably the nearest to the chopping block for the equipment is the lightning bolt and the radio sense, but I might need to find more points than that.