One owner can dress the whole team. Only players who own the paintball gear on Steam get the recipe, with nothing to research and no bench, but a set they craft can be handed to anyone. So the real question is how many kits you will spend: a team of five in matching sets eats ten sewing kits.
That is more than a metal chest plate takes. The cloth is one hemp run; the kits come from road loot, or from a Level 3 bench and rope if you craft them.
Craft the paintball gun for the evening first, then the suits with whatever kits are left. After the match, each set goes back to the recycler for a kit.