Oh, he's upgraded the suit multiple times - but not THIS suit. He says as much himself - otherwise, it wouldn't smell the same, would it? Except that this is clearly NOT that suit, so either Norman is just free-associating or the artist got overly ambitious, and I'm tending to go for option number two. And yes, he's a psycho, all right, but he's not a gibbering lunatic - his ravings generally make SENSE, they just aren't TRUE, in terms of, y'know, him being destined to rule and so forth. And in this case, I think he's almost at his sanest, because this suit MEANS something to him. While wearing it, he had (as he sees it) one of the great triumphs of his career, followed by one of the worst defeats. It'd be like setting aside the clothes you graduated in, then bringing them out years later and smelling your sweat and the mingled smells of the crowd - you wouldn't be going 'Hey, woo! This smells fuuuuuun-KEY!', you'd be going 'damn, this brings back memories.' (At least, I would.)