Some armor suits are have close to a couple dozen parts that have to be individually loaded and conformed. I'll usually save the completely loaded figure to the library to save time in the future. Once the whole suit is loaded, it quickly drags down the speed of my rapidly aging computer. Is there an easy way to turn all those individual pieces into a single CR2 (other than just saving to the figures library)? Is there any savings on resources doing this? It would seem that having multiple CR2s is more of a resource drain than having just one, but that's just a guess.

In a word... no. The only way would be to export each clothing part to a 3d modelling program and combine them into one mesh, import it back into poser and reconform it. I wouldn't if I were you.

It's possible to do it, but it wouldn't save you any resources to speak of. I did this recently to make a cat-burglar character; the advantage here was that there was no need for a figure to conform all the parts to, since the various clothing parts covered everything. There are other ways to speed things up. Once you have your armoured character posed, export him/her to an OBJ file, then delete him/her and import the OBJ instead. This disposes of all the morphs and conforming stuff, and may help.