Early levels i would go with light armor.. but when you get that special perk go with alteration and clothes ONLY
Mage Armor 3 is rather worthless. You will still get superior protection by using light armor in conjunction with the skin spells. They all become irrelevant later anyway once you get the Dragonhide spell, because it caps you out on physical reduction by itself.
It really depends on what you are willing to put up with. It kind of goes like this:
1. Alteration spell > Light Armor (at first)
2. Alteration spell + Light Armor > Mage Armor 2/3
3. Alteration spell + Light Armor <> Mage Armor 3/3 (depending on the armor you picked up and your perks)
4. Dragonhide > any of those, negating perks from both trees. It requires Master level Alteration though.