Mobs would need individual reassessment of to-hit under this system as the OP's suggestion as it stands would make elite Horoth a lot more damaging than he is now to all tanks with AC. (The average might be 83.5 but the standard deviation would be much higher than at present, meaning numbers far from 83.5 would come up much more frequently).
Horoth's grazes aren't too bad, even on Elite. Yeah they add up, but they aren't over the top as most defenders have DR 25% and DR 5/- (on gear) or 6/- (inherent to fighter defenders). 60-ish damage grazes hit for a lot less through that DR. This system as written would result in players with 90-ish AC getting utterly ripped to shreds by big H, probably finding they are hit as often as the present big H grazes them.
Still I do like this idea in general.