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.
From my perspective, the idea of armor losing effectiveness as it decreases and allowing a chance of CC to pass through makes them even less worth investing in than they currently are. They won't fully protect me from CC and they won't reduce incoming damage of that type. They'd just be extra HP bars that aren't as convenient to heal and may or may not protect me from CC as RNG dictates.
Something else I'd like to point out, your A and B are both subjective. You see these are bad things but others see them as good things.
A - Armors are binary in nature: no more praying you don't get CC'd. As long as you maintained/have the proper armor then you won't be CC'd. Certain spells can be used and certain potions crafted to heal it on the spot if you see CC's incoming.
B - It's largely impossible to kill someone without exhausting at least one of the armors fully: boss fights are now more engaging. You must decide which type of CC you're going for as switching type can be expensive as you must now whittle down a different armor type. This means bosses will actually be allowed to perform their mechanics. (who remembers perpetually stunning bosses with Drain Willpower -> Blitz Bolt -> Shocking Touch from DOSEE?)
I personally love the idea behind the current armor system. However, I feel, given what I could see playing this game on classic mode, that there isn't much reason to spend points in them.