In 5e damage per tap usually scales slower than damage.Additionally, damage scales dramatically as level increases, meaning that in order to keep the reduction relevant, DR needs to scale. 5 DR is quite significant at level 1, where an average hit might deal around 8 damage (62.5% reduction). It's virtually negligible at level 15, when an average hit is probably more like 30 damage (only 16.7%). (Granted, AC is also less relevant at higher level, but not to such a dramatic extent in most cases.)
It might not be a bad house rule for a swashbuckling oriented campaign, where the option to wear heavy armor might exist but be discouraged. But if you want the options to be balanced (or heavy armor to be superior) then flat DR with low AC isn't really going to cut it, IMO.
Heavy Armor would be useless against a T-Rex bite, but strong against a similar CR creature that attacked 4x.
The issue is that for it to balance, it needs to be taken into account. And 5e does not.
Look at SC for a game where armormas DR is a core balance factor; low damage fast taps and slow taps with high damage and armor levels are a core part of the rock-paper-scissors balance of the game.
Retrofitting this into a game is going to have issues tho.