If Alpha ABS Z use events then yes, you can make animation plays on that events. Like when you shoot a firebal event, you can have this plugin play animations like fire trail, fire explosion when collide, the fire ball itself, etc.
For the animation feature, it shouldn't cause any incompatibility because it doesn't interfere with any built-in stuff from RPG Maker.
I don't understand much when you mentioned armor effect, but if it's like showing vfx on the player then you can achieve that. It's really up to your creativity. You can watch the end of the video to see how I use it with my game, which is also a real time action game. :D
