Wow, that's a tough one. I would personally like Fallout player characters to stop being demigods that can singlehandedly win a war without having to give enemies bullet-sponge HP. So I think the way to go is to make the player character a lot more vulnerable to enemy fire, and one way you can do that is to make armor more asthetic than practical (with exception to powered armor and armor that actually provide protection from bullets.) After playing the original Crysis, I'm really hoping for an increased emphasis on stealth reconnaissance as a way to approach combat situations in Fallout (you should have to play it when you're outnumbered heavily) but I digress. However, nerfing armor would take out a big aspect of RPG-styled combat, and would fan the flames of the diehard RPG purists.
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clothing and light armor should provide high skill bonuses and S.P.E.C.I.A.L bonuses but low DT and DR.
(for example,
Merc grunt outfit:
2 DT, 2 DR, +10 guns, +10 hand to hand, weight: 4.50).
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medium armor should provide low or no skill and S.P.E.C.I.A.L bonuses but decent DT and DR.
( for example,
Leather armor: 12 DT, 5 DR, weight: 12.00)
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heavy armor should provide low or no skill and S.P.E.C.I.A.L bonuses but high DT and DR, penalizes agility and movement speed.
(for example,
Combat armor: 21 DT, 14 DR, -2 agility, weight: 20.00)
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very heavy armor (power armors) should provide exellent protection, but severe penalties to agility, fatigue and general speed (movement, attack, reload, ect...).
(for example,
T-51b Power armor: 32 DT, 26 DR, +1 strength, -4 agility, -10% speed, - 10% fatigue, weight: 45.00)DT is not capped, DR is capped at 40.
DT and DR may seem high, but this is to compensate for the fact guns and energy weapons should be more powerfull, indeed, all guns and energy weapons should deal
MUCH more damage, but ammunition should be
RARE exept in the case of bad-quality, low-power, inexpensive surplus ammo (like poor quality .22 rounds, for example). energy weapons should be incredibly rare (only the BoS should be using energy weapons, and that would make a great plotline in the next game)
examples:
9mm pistols should do 17 damage/ shot,
.223 varmint rifles should do 28 damage/shot,
.357 revolvers should do 21 damage/ shot,
.223 3 round burst assault rifles should do 16 damage/shot, ect...
this would end up making armor fairly realistic, you could either focus on avoiding being hit by wearing light armor, moving quickly and taking cover when possible or try to survive being hit by wearing heavy armors, although doing so make movement difficult.
helmets would provide protection to the head by reducing headshot damage and increasing "head limb health". headgear only provides DR, not DT.
example:
Combat helmet: 5 DR, increases head health by 80, reduces headshot damage by 20%, weight: 5.00.
all these effects should also be applied to enemies.