That isn't how Fresnel Fabric works at all.
It does the opposite of Faraday & improve reception to a device by cutting through noise.
My bad, I was quoting from memory and got a little mixed up. I meant Universal Mirror Material.
Ah ha. Now that is different for sure.
I think that would work, maybe not 100% based on the rules for Faraday pocket v/s Universal Mirror Material but make more difficult for sure.
So getting back to the OP question.
The Body-Armor-Bag is a lot smaller than the Ares-PED.
Ones a medium sized duffel, the other holds a full person.
So going the Ares-PED route, a standard body bag is 36*90 inches or 91*229 cm for a total internal area of 4.2 square meters, we'll round up to 5 for tailoring cuts.
If we assume max Rating-6 for the UMM for char-gen you get a $7500 boost to the cost of the PED, for a total of $10K
For this you get a +12 Noise penalty to anything stuffed in the bag.
I guess the question is, how large an item are you trying to stick in there?
The Body Armor Bag would be fine for holding a captured Cyberdeck, but not an unconscious Decker.
If your trying to actually line a cyberware smuggling compartment you can probably get away with only 1 square meter of the cloth, but in turn your only holding small pistol.