GM Aerondor
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As written it is wearing the armor that reduces your fly speed with Angel wings. Effortless armor reduces the direct speed adjustment and ACP, but wouldn't for example, let you sleep comfortably in medium or heavy armor (that is, even if you could make its duration long enough somehow). Of course, my reading of it is that armor training from a fighter wouldn't let you go faster either.
There may be an FAQ about this somewhere.
If this is a home game, discuss it with your GM, as it is not an unreasonable request. If it was PFS, I'd suggest not assuming a table GM would agree to the combination.