I was just at my folks house over the holidays and my dad broke out his early 90s trialmaster and it has quilted shoulders and elbow pads so they were made at one point at least. they're not armored but they are doubled and quilted. very nice touch. sadly it's a 46 (he was much larger back then) and i'm only a 44. here's the real kicker, he still has his receipt for it....$125.
ouch. ps. there's someone selling a bunch of roadmasters in the B&S forum atm. dunno the dude so I wouldnt presume to speak on his behalf but they're out there.