I think it could be a good idea, but it would involve changing some other things around. As far as I've observed, as soon as you gain back any amount of armor, you're immediately cured of any relevant status effects. If you're regenerating any amount of armor every turn, then every status effect suddenly has a duration of one turn, which is... not a great side-effect.
So, it would require some work. But I think it could add some interest to the armor system.