Type     Weight  AC Range  Body AC   Shield
Light:     1        0          1     None
Medium:   1-2       1         2-3    Buckler: 1-2
Heavy:     2+       2         4-6    Shield:  2-4

Light would be basically clothing, only real effects would be magical in
  origin.  Some could supply AC, where thematic; case-by-case basis.

Medium would be for thief/finess fighter types.  This would be the type of
  armor most beneficial for the future dodge/parry skills.

Heavy would of course be actual armor.  Platemail, chainmail, etc would fall
  into this category.  AC should definitely reflect weight.

Physical Protection

Slot     Types                        AC (L/M/H)    Weight (L/M/H)
Head:    Hats/Headbands/Masks/Helms    0  /1-2/2      1  /1-2/2+
Neck:    Leather Collar/Gorget         ---/1  /2      ---/1  /1-2
Body:    Body Armor                    1-2/2-3/4-6    1-2/2-3/4+
Arms:    Bracelet/Armbands/Bracers     0  /1-2/2      1  /1-2/2+
Legs:    Pants/Leggings                0  /1-2/2      1  /1-2/2+
Hands:   Gloves/Gauntlets              0  /1-2/2      1  /1-2/2+
Feet:    Shoes/Boots                   0  /1-2/2      1  /1-2/2+
Shield:  Buckler/Medium/Heavy/Tower    ---/1-2/3-4    ---/1-2/2+
Cloak:   Would have to be thematic, but maybe AC 1-2 for heavy cloak type

Magical Gear/Accessories
Necklace/Amulet (Neck class, since otherwise it'd be collar/gorget)
Rings (2)       (Disallow rings if gauntlets/gloves used?)
Earring?        (Disallow if helms are used?)
Belt            (Come on, these aren't physical protection)
Misc/I guess Teddy could go here, compete with other miscs

I'd also like to see multiple slots be added in, could be fairly easily 
implemented, I'll prolly slap a code snippet for it together.  Basically
it'd be similar to multiple properties in rooms.  This would be very easy
to do, really.  Switching stuff to these standards based on their current
weight/ac values would be very easy as well.  If they are ac 2, their weight
will be 2.  New stuff will use the new functions, if it uses the old funs 
then it automatically gets adjusted on load.  I really don't wanna explain
further, but it'd still require a lot of adjusting by hand.

Anyways, let me know what you guys think.  This is far from an end product,
but it's somewhere to start, and I think it's pretty much what we should
go with in the end.  Between us we should be able to hash out a pretty good
system.

-Earwaximus
