Not really, it keeps the iconic look, but plays it down a bit.
The weird circles become small buttons to fasten his cape and tunic together, and some decoration on the bottom of his tabbard. The big billowy cape gets a bit less billowy, instead of curving MASSIVELY over his shoulders, it plays down over his shoulders, its still billowy, but it looks more realistic. The helmet isn't so overblown, and neither are the weird boot flaps. And everything is given an armor-ish feel with the chain/scalemail on the arms and legs. Also, instead of a giant T on his belt (I'm pretty sure Vikings didn't use our alphabet) he has a viking rune (Urr I think...).
This is the perfect way to update a costume and still keeping the iconic status of it.