I can see that working, but they'd have to change the physical design of him hugely to work in live action.
Something along the lines of a Space Marine Dreadnought, but with MODOK's oversized skull in the middle and a decaying, atrophying face and body visible through a view port (maybe more like a Penitent Engine then?). Make it look as though incarceration inside the suit is painful and driving him steadily insane. For film MODOK needs more of a physicality and presence than a floating head in a jetpack does.