Those notes aside, i must say i support this idea. I may not entirely agree with the numbers (Though i don't overtly disagree), the idea that 3/4 of medium and heavy armors are entirely useless has been a point of annoyance for me for some time. The only reasonable solution seem sot be to bring parity between all medium and heavy armors (And possibly light armor as well). I think your suggestion has a good way of dealing with the oversight.
Here are my own personal-opinion-based thoughts and suggestions on your fix:
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First, i would be more comfortable with Heavy armor capped at 10, medium at 9, and light armor at 8 (So that the actual values don't change as much from what we have now). I realize low levels are not the biggest concern, but a 2 point AC swing for anyone wearing heavy armor would make lo wlevels even more trivial.
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I personally would re-arrange breastplate and brigandine to be the high armor/low dex cap armors for medium armor, since they are theoretically the most restrictive, with scalemail and chainmail being a little more mobile, and hide armor obviously being the most mobile.
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Higher dex armors need to have reason to wear them. As such, i think the higher the dex bonus, the lower the ASF and armor check penalty should be.
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Padded armor is the last step between armor and cloth. In its current incarnation, it has the same Armor check as leather armor, but 2 higher max dex bonus, which makes it a somewhat appealing option for people within a very limited range of dexterity. Because my suggested proposition keeps the Armor Check Penalty the same between leather and padded, Padded needs that extra edge - which i propose becomes extra max dex bonus. I do not feel this is imbalanced, because it requires a very high dex character to fully take advantage of.
My suggested tweak to your suggestion comes out looking like this:
Heavy
- Full Plate: AC 9 + MD 1 = 10; ASF 40%, ACP -7
- Half Plate: AC 8 + MD 2 = 10; ASF 40%, ACP -7
- Banded Mail: AC 7 + MD 3 = 10; ASF 35%, ACP -6
- Splint Mail: AC 6 + MD 4 =10; ASF 35%, ACP - 6
Medium
- Brigandine: AC 7 + MD 2 = 9; ASF 30%, ACP -5
- Breastplate: AC 7 + MD 2 = 9; ASF 30%, ACP -5
- Chainmail: AC 6 + MD 3 = 9; ASF 25%, ACP -4
- Scale Mail: AC 6 + MD 3 = 9; ASF 25%, ACP -4
- Hide Armor: AC 5 + MD 4 = 9; ASF 20%, ACP -3
Light
- Chain Shirt: AC 4 + MD 4 = 8; ASF 20%, ACP -2
- Studded Leather: AC 3 + MD 5 = 8; ASF 15%, ACP -1
- Leather Armor: AC 2 + MD 6 = 8; ASF 10%, ACP -0
- Padded Armor: AC 1 + MD 8 = 9; ASF 5%, ACP -0