You're off to a good start!
But the fire dissolve effect runs two times before actually dissolving the armor (This feels odd) Perhaps have it start more slowly and just finish once? Also the fire stops spawning particles after the object is gone. If the armor is gone then the flames should stop spawning as well. (What @FloydBishop said )
Also the size, lifetime and speed of the flaming particles should be tweaked. They feel very uniform right now. Most likely because of the shape of the texture you're using. But could be tweaked in the shape of the particle!
The blue particles reaches a nice peak in intensity when the armor first appears but they should stop spawning particles earlier. Perhaps let another emitter spawn smaller particles while the dissolve effect finishes spawning the new armor.
Keep at it!