Yep. Except for the "transend an armor level 10/25/50" idea...
The armor protection % is quite fuzzy, since we still have somewhat random hit calculation. The low hitpoints of the light armor is partially made up for by the fact that there are so very many of them.
It is probably best to view the chance to be hit as a smoothish curve from 1 to 100+ hitpoints. Upgrading armor from light to heavy bumps up the absorb %, but not by an overwhelming amount.