9 years later I know but just solved the same problem - you need to go into the supreme magicka ini file and set the max and min armour penalty values both to zero. Basically what this mod does but SM seems to override it as soon as you cast a spell, regardless of load order.
This should not interfere with any magic mods, to the best of my knowledge. This mod only alters the penalty range associated with wearing armor, it does not modify any scripts or other game mechanics.
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Just need to update the plugins.txt file with the name of the esp file, including extension and space.