That is entirely dependent on your goals.
For me, I belong to a very strict Living History club that does shows around the DC area. Our goal is to do things "Right, or not at all." And to explain that I'll just steal directly from our
website "The “Right” part is what we can document. The “Not At All” part means we would rather not see an object or procedure in our presentation if we don’t have supporting research for it." But our whole purpose as an organization is present the household of an English knight as accurately as we can portray for the education of the public. So anything else would be self-defeating. Personally, I find this approach to be very fun and rewarding. It's a ton of work and a lot of studying and researching, but it's very satisfying to pull off. Others may find this approach to be an utter waste of time and effort.
Most people interested in the the Middle Ages aren't necessarily interested in doing strict living history though, and it doesn't make what they're doing any less 'right.' We're just playing different games. A lot of people here on the Modern Chivalry forums have as their primary interest the reconstruction of historical fighting arts, where historical fighting technique is the goal, so using modern equipment is perfectly acceptable, even in historical gear.
It all just depends on which rabbit hole you want to go down. Some people want to go nuts, some people want to make a very good kit that looks great from the outside but makes compromises that aren't visible, some people prefer the "10 foot rule" (where it looks pretty good from 10 feet, but starts to break down upon closer inspection). All are acceptable approaches for our purposes here on Modern Chivalry, and no option is less honorable than another as long as you're intellectually honest about what your trying to achieve.
All that being said, I think you may be pleasantly surprised to find out that when done with respect to historical accuracy, the real thing is quite functional, many times more so than modern attempts to fake it.