If your going for the whole "Royal Knight" thing i think the colours work very well. but the colour of the head band does throw the look off abit. I would make it a stronger colour, Blood Red if its matiriel and Gold of Silver if its Metal. over all its a very nice spirit.
I don't think it would be possible to have the cape flowing in that number of frames, especially running at that speed.
His headband/hair remind me of Solid Snake. ...but with a pink cape???
I know it might be hard to do it, but since I've made alot of RPG sprites like these I know it's possible.