I think it makes sense. In 1E both cover and concealment provided penalties to hit rolls although concealment provided a smaller penalty than the equivalent amount of cover. So you could say that three-quarters concealment gives a +2 AC bonus (same as half cover) and total concealment gives a +5 AC bonus (same as three quarters cover). Hiding behind a fog cloud isn't as effective as hiding behind a brick wall, but its not useless either.