When AUTO_GEN is set to "Racially resize armor, shields, and clothing" in the Preferences, the generated equipment has the armor, weapons, shields, and clothing at the same cost and weight, from fine to colossal+. (I checked 6.00.0 and 6.01.01 for armor and 6.01.02 for everything.)
(As a side note, it is odd that weapons weren't mentioned in the preferences line and clothing was, especially since there doesn't normally seem to be a regular formula - at least that I can find - for clothing weights and cost other than small and medium.)