I've been looking at running a 1E game myself of late, and thought I'd chime in on the weapon vs AC debate.
My initial instinct was to ignore it, but doing so has a significant impact on the value of some weapons. I also like the idea of a fighter putting away his longsword and grabbing a footman's pick if he knows he's about to come up against some heavily armoured guys.
Having said that, keeping track of the base AC of every combatant seems like far too large a chore for my liking. Instead, I divided armours into Heavy (plate, banded, splint, chain), Medium (studded, ring, scale) and Light (padded, leather, none). I then averaged the modifiers for each weapon for each category. Now no one needs to memorise the base AC for every armour type, you just relate the armour to the category. Also makes applying modifiers to monsters easy. Dragons and chitinous things get Heavy, most other tough hides get Medium and everything else is Light.
I'm confident that will speed things up significantly on the players' side. I'm still it bit leery of running fights were I have monsters with a wide variety of weapons on hand, though.