The Crimson Binome
Hero
The typical compromise is that you want heavy armor to be good against multiple weak attacks, but make light armor better against the huge single attacks that you're better off trying to dodge entirely. It helps them feel different from each other, which is important.These are good points, though I don't think you should start with defining your balance needs. The reason people like Armor as DR tends to be a verisimilitude thing, so it's more important that it meets the "feels right" goal.
If light/medium/heavy armor granted DR 1/3/4 and base AC 11/13/14, while still limiting the maximum Dex bonus to 5/2/0, then you'd probably be okay. The tank will wade through goblins like they weren't even there, and would take like half damage from orcs, but wouldn't be that much better off against giants. Rogues would still get picked apart by superior numbers of goblins, but they'd have a better chance of avoiding the massive swings from a giant.