Is anyone familiar with Kenshi? Here's a quick summary of the applicable mechanics as food for thought.
The armour mechanics include the notion of coverage (i.e. what % of the head a helmet covers) which would get to the point of gaps in the armour where no or reduced armour resistences apply. There is also the notion of layered coverage, so that if the arm coverage from my body armour is bypassed, then my gloves could stop it.
All weapons deal both cut and blunt damage, and all armour has cut and blunt resistance ratings. So armour with a 50% resistance negates 50% of that damage type. Blunt resistances are generally lower than cut on armour, especially light armour. Blunt weapons tend to do less overall damage but overcome resistance more easily.
In addition, the cut damage that is not resisted can be converted to blunt damage, because your helmet may have resisted the cut, but you still got your bell rung by something heavy. So armour has two cut modifiers, resistance (negates x% of cut damage) and efficiency (how efficiently it blocks the blunt conversion). So lighter armour may have decent cut resistance, but compared to heavy armour it doesn't absorb as much of the power of the blow and has much poorer cut efficiency. Also, the layered armour again applies, so the damage that made it through your main armour gets impacted by secondary or under armour.
The trade-off is that heavier armour impacts your combat stats, because it's harder to move around in or see in. There is also a weight encumbrance effect.
Weapons also have required abilities and skill levels to use properly, so you aren't using that big freaking two-hander to full effect if your strength is 3 and your two-hander skill is 10.