Hood:

Check in Free Stuff for thip's mantle for Mike (hosted by shadowcat).

_dodger also has a new hooded cowl for Mike in the Renderosity Marketplace.

Cape:

Most of the good capes are commercial items, often sold as part of a larger package.

PhilC has a nice, hooded Romantix cape in Free Stuff; it's a prop parented to Victoria, but you might be able to make it work with Michael.

And like quarie says, take a look in the Free Stuff at AniMotions.com. Some of the costumes and accessories are made for Michael.