So after getting Armorer 3 I can now get Ultra-Light Build for my Leather Armor. I'm currently using Deep Pocketed. When comparing the two it looks like one lets you carry more, but the other gives you more AP. So which is better? I guess it would depend on how much of a problem carrying weight is and how much you use VATS.

Carrying (bonus less mod weight) Full Set (Chest, Right Arm, Left Arm, Right Leg and Left Leg):

Deep Pocketed = 48.70

Ultra-Light Build = 10.80

Added AP

Deep Pocketed = 0.0 points

Ultra-Light Build = 30.0 points

Maybe a mix. Here's Deep Pocketed Arm and Leg pieces and Ultra-Light Build Chest piece:

Carrying = 43.20

AP Bonus = 10 points