It does not really matter in videogames, because it is abstract level of experience. In order for realistically designed armor to work, you need to take into account real, full-fledged physic system - body coverage, the density of the tissue/material, its state (worn/perfect), the precise hit landing system, the actual force, the density and surface of the weapon, etc, etc,etc. That's why videogames does not bother - in most cases it just aesthetics, even with "realistic" outfit - it just supposed to give false feeling and impression.
I literally see no point to waste precious time thinking of such questions for ISOMETRIC classic RPG. I understand if we were talking about some full 3D games like TES or Mount&Blade or Sui Genesis but for tactical DOS? Really? Tactical battle already a big set off for me from realism so adding realistic environment/outfits won't really make a big difference. I'd say it would make perfect sense to achieve some points by working on original aesthetics and designs.
While I do understand that actual point of discussion "armored bikini vs real armor" make sense in general, it us actual appliance and reason for consideration is under a big question in the section "why the hell we even bother with it".
