It wouldn't really acomplish anything other than make the skills cost less points.
The real problem with armors right now is that:
A - they're binary in nature, you either have enough to protect you, or you don't
B - it's largely impossible to kill someone without exhausting at least one of the armors fully
Both issues would be solved by my suggestion from another thread on the issue, making the armors gradually lose effectiveness as they are depleted.
I.e.: At 50% remaining, an armor absorbs 50% of the damage(the rest bleeds through), and provides only 50% reduction to harmful effects being applied.
Couple that with a variable application rate(some skills having 50% chance, some having 200%), and there is a lot more room for cool tactical gameplay where armors remain an important factor, but do not outright decide the outcome.
