This た is not past-tense, but is imperfective た just like the one before とき or ほう.
3 実現していない動作・状態を仮に実現したと考えていう意を表す。「話が出た時点で考えよう」「今度会ったとき話すよ」 -- goo辞書
Translation:
3 Express the sought of an action that has yet to happen or an hypothetic situation.
Here, the imperfective meaning is reinforced by せっかく which tells us that the 奈良 and 磯山 truly think that the costume is important. The meaning that is yield is something like: "This costume we thought very important for this event".
What confirms that the situation is hypothetic is あれ言われると
(if you are said this then
+ hypothetic situation.)
え、あれ言われると、せっかくの扮装が水の泡になったような気がして、虚しくなります。
Err, if you are said this, it fells like this costume we thought very important for this event was of no use, thus becoming meaningless.
If you simply say なるような the meaning becomes:
Err, if you are said this, it fells like this costume we thought very important for this event is of no use, thus becoming meaningless.
It is difficult to translate 水の泡になった followed by 虚しく the first refers to the fact that the costume is vain and the second that the fact that without the costume the event becomes meaningless.