Would you use those two extra skill bonuses a lot? If they are mage skills, you may be able to buy spell books to boost the levels, rather than wear weaker armour.
How is your agility/defense? Not being hit as often will lessen the consequences of weaker armour.
Depending on the stat bonuses, I would be inclined to take the 290 armour as a warrior; for a mage or archer who doesn't do a lot of melee the 190 armour would be fine. Try wearing the 190 armour for a few fights, and see if you have to start using more restoration potions.
