This is definitely better than the majority of official redesigns that stray from the classic look, that's for sure. Does a solid job of mixing practicality with that classic look. I think a bit more orange would have helped it a lot. Maybe on the bicep guards, as I think that part could use some color. It'd also call back to the orange around that area on classic Taskmaster's design.
I honestly don't think orange and dark blue is a particularly odd color scheme, seeing as the two are fairly complementary colors. That combined with the splashes of white makes for a very striking and eye catching look. Which is fitting for the character, as he's definitely the type to show off.
If you can believe, Taskmaster actually predates Deathstroke. Both characters were also designed by George Pérez, which might explain the similarities in their costumes.
I really do like this redesign, though. Really liked hearing the thought process behind it too. Good work!