It sounds like a cop-out, but the answers to all your questions are best reached by experimenting yourself.
There is no such thing as a 'better' load out, only builds preferred by the individual.
Loadouts:
- You could go with the most widespread load out of Kung Fu GM/Karate. This is popular because right away you have the accuracy of Kung-Fu to, in theory, allow you to hit your opponent with a greater degree of success.
- The flip-side is Karate GM/Kung-Fu, used for Karate's damage properties. The Kung-Fu aspect is negligible, and your tactics become more specials-dependent.
- Karate GM/Aikido gives you increased defence, but bar Aikido GM, the least accuracy. This went through a popular stage as people realised they could sit on grab to cause off-balance, then use MA Prowess + broken Tomo Nage* to inflict ridiculous amounts of damage before really going to work. It's the opportunists build, using the damage output of Karate to use combinations of specials when the opponent is at their weakest.
- Kung Fu GM/Aikido on paper is the stronger load out. However, the memory you use for the Aikido Master tree arguably doesn't give you as much as the others, and you will have to sacrifice at least one key Karate special (you'll see which) if you truly take advantage of the Aikido tree.
- Aikido GM/either Karate or Kung-Fu is a totally defensive build. Aikido MA's primarily use their defence to lure their opponent into spending mountains of IS on missed specials. The damage output is relatively low, but you've really got nowhere to go if you use your IS trying to string together combinations of specials on an Aikido GM.
Clothes:
The clothes you choose should depend on your build. Personally, I'd advise counter-balancing your GM with clothes as much as possible. If you're Aikido GM, ensure you wear some accuracy, with Kung-Fu, defence. With the advent of the Quicksilver Gloves, this just became a whole lot easier.
I personally don't go in for wearing a huge amount of damage bonus clothing. A relatively decent rule of thumb to go by is that if you haven't got the accuracy and timing to hit anyone, your damage clothing is pointless. This isn't to say that accuracy is everything. It takes far more than pure accuracy to become a competent MA.
Or, you can fake it...
- Special bonus 'MA' load out: Kung-Fu/Karate + Combat Training from the Force Enhancer (?) tree. This utilises the 60+ pts of accuracy Combat Training gives you to create a faux-MA build. You may sense some disdain towards this build. You sensed correctly. I find it cheap and in no way indicative of a player's MA competence. As always, it's important to remember that it's the player's prerogative to load it, so however they want to go about things is fine. You can choose to load Kung-Fu/Aikido/Karate Master with it, and basically try to steam-roll your way through opponents with your vastly superior accuracy. This load out is far, far from unbeatable, and it's not something I advise simply because I don't want to be the one to turn you onto it.
- Secondary bonus 'MA' load out: Any MA Master plus Fast Healing 1.0/Combat Enhancement 1.0/Bolster Health 1.0 from the Patcher tree. This gives you additional health, accuracy and health regen, along with your MA Master trees. It's not as successful as the Combat Training/MA combination, but it's a way-round nonetheless. I have no disdain for this route at all, simply because I don't believe it gives much in the way of an advantage.
There you go, the choice is entirely yours.
Good luck, sir/Madam.
*This whole ‘broken Tomo' comment will annoy some of you MA's reading this. That's great, opinion should be divided, or we'd be living in a terrifying one-sided u(dys)topia. If you do have strong enough feelings about it that you feel compelled to comment, PM me rather than derail the thread. Much obliged.