A visual effects man designed some prototype CG images of what a live-action "Iron Man" might look like and someone in the production of the comic book adaptation took a look.
According to Screen Rant they apparently said "it was similar to the direction they were headed in, [but] that they're going more in the Adi Granov design direction".
You can make up you own mind on this rejected design by clicking below to check out more shots of what could have been:

