I don't think there's a single hard and fast rule of adapting costumes to film, what works or doesn't is more dependent on the rest of your production (story, casting, FX, etc) than any one costume philosophy in my opinion. That said, I'll suggest some guidelines which should be thought about but not necessarily adhered to strictly.
First, the degree of faithfulness should be dictated by how important the costume is to the character and the character's identity? - These are two different inquiries actually, the first being a story point of whether or not there even is a costume or what the nature of the costume is; and the second being the appearance of the costume. So, for example, Iron Man is his costume in many ways... you couldn't a complete Iron Man film without ever putting him in powered armor... but Iron Man's appearance is less constrained- as long as there's red, gold, a glowing chest light, and dispassionate "face" helmet- many variations of the costume will work and adaptation is tolerable. The same for Batman. The X-Men, in terms of costumes, are much more loose working fine in civilian clothing and few are tied to a single iconic look... so you can both discard the costume entirely or radically redesign them without issue. Characters like Superman or Captain America tend to deserve a higher degree of faithfulness.
Second, there must be a degree of adaption. The vast majority of comics aren't photo-realistic, even the ones rendered in excruciating detail, and so costumes designed for four-color newsprint were often never intended to hold up under real world physics, physiques, lighting, or modern video resolution. It should go without saying that a film version of a costume should not give away the intimate details of one's genitalia in the name of comic book faithfulness. In order to match contemporary tastes and technology it is reasonable to add texturing or additional detail in order for a costumed character to feel more realistically- or at least carefully- rendered rather than a blank expanse of stretchy material with a stenciled logo. Regarding careful rendering, this is sort of an audience disconnect, but as filmmakers they have to go with it... the audience has paid to see a blockbuster or action film... so explosions should be big, actors beautiful, and costumes quality... even if reality dictates muffled pops, average looking persons, and patchwork costumes. It's a corporate suspension of disbelief convention we've all agreed to and it's OK.
Third, almost everything else is more important. If explaining costumes helps ground your story in reality, then go ahead, but if your story isn't about being grounded don't try to force an explanation wasting time on exposition or acting embarrassed by your essential premise. The costume needs to be in service of everything else and if it's a roadblock you either need to reevaluate your costume changes, your story, or your fears (sacrificing both faithfulness and story to alleviate perceived rejection of both by audiences rather than just telling your story and selling your product). There is a temptation to ground everything because that's an easy way to provide veracity- by making their reality our reality- but in any fictional medium there's also the opportunity to make real the fiction. You can establish and develop your world, its style, their reality, etc. with artfully executed craft to create veracity just as one can take comics and made them more mundane. Few films are going to have the budget, care, or talent of Lord of The Rings, Harry Potter, or The Matrix in terms of world-building, but just because our reality is the cheaper alternative doesn't mean it is the sole option.
Fourth, give audiences a little credit. The Dark Knight stars a man who speaks in a ridiculous voice with two pointy ears on his head... but because of everything else the film is solid we'll more than forgive that. There is no single audience with one attitude and the delicate sensibilities of some costume sensitive are not going to dictate how everyone across the board feels. There will be some who will always be unhappy, some who are easily pleased, and a wide middle, but be ambitious and shoot for a smarter crowd rather than the lowest common denominator. If it serves what you're trying to do, let audience suspension of disbelief carry the costume where necessary; or if the color and pallette fits your style; etc. Have a voice and stick with it, rather than try to design your costume by committee or fear or a phantom "one voice" audience rejection as long as you're keeping the first point in mind (some of these characters "belong" to the public as an idea or an image more than others and your voice should resonate with theirs, not contradict it, even if you have your own unique chord).
Fifth, business and trademark considerations. Consider how distinct you want your movie properties from everything else to potentially give you the opportunity to double dip on merchandising and licensing (caps with the movie logo versus comic logo, etc). In general you want the costume to be sufficiently distinctive to clearly establish a new or separate franchise without losing the identity you're benefiting from or blurring the lines between the properties.
Not exactly airtight rule set or even 100% internally consistent, but a set of guidelines I'd consider when adapting a costume.
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