Very true. I made sure to keep the three main characters at 99% evasion even if I had to equip "lesser" armors (wizard robes, black armors, goldpin helmets, thief gauntlets)...that definitely proved to be way better for this game.
It's fun to collect the entire Genji set though, and while the math might prove me wrong, it might not be an awful choice for Leon since his evasion is going to be just average anyway (unless one gets really obsessive about leveling him out with the other three).
I'm an item hound though, and like owning the "elite" equipment (I'm guessing the Genjigear was intended to be that but the game mechanics rendered it not very good) as long as I have inventory space, whether I ever use it or not. :D