I don't think so. I think it's because the various colored tights & clashing designs would make it look something like Mardi Gras.
Look at the X-Men's costumes. All the bright colors-none of them matching. some have masks, some don't. Some have sleeves, some don't. Many don't even depict any sort of theme & have accessories that serve no real function. Plus, the X-Men aren't a rag-tag bunch of solo heroes with identities to protect. They're a team. More than that, they are a family; closer to the FF than the Avengers or the JLA. They exist to protect innocent mutants from overzealous humans, & to protect innocent humans from overzealous mutants. They aren't like Superman or Spider-Man, who are defined by their costumes. Wolverine is Wolverine no matter what he's wearing, as demonstrated by the numerous time she's gone into action in just jeans & a T-shirt. Truth be told, yellow tights, blue trunks & a mask really don't fit his personality. It looks cool on paper but would look ridiculous on a real, live human being. (Don't get me started on Magneto; a 60+ year-old man in red & purple spandex?)Plus, it's not like the costumes were totally aborted; they gave way to a more practical team uniform, which makes sense. Again, more in the spirit of the FF. As compared to-again, Wanted, which made NO effort to capture the look & feel of the comic whatsoever.