na the armor quality doesn't matter for that, the AC is still worth it tho since you aren't starves for money in the later games. also higher end armor can have good enchants like shielding (half damage from missiles), arms master (mm7-8), magic resists, regen health / sp etc.

The classic materials are gone but there are several styles of armor in each category, with increasing AC and value. The only other difference is that some are considered too low grade for you to apply enchantments to them (even though they can be randomly found with enchantments).

There are some types of enchants you won't be able to apply yourself. You have to find them in random loot. The most powerful enemies (a la titans and dragons) naturally have the best chances for powerful items and enchants.

And Golden Pyramids

I've added some more answers to that thread. As for this one, matters arising:

A second weapon in the other hand is not as good as it should be (slows the character down, is what I read, unlike in MM7 or MM8). Fixing this is reason enough to find and install Grayface's patch.

Protection is good, but starting out, go for helmets, gloves, boots and cloaks first. No skill needed (saving money), and they don't slow the characters' attacks.

P.S. I've always downloaded and used GoG's offline installers. From what I read in these forums, GoG Galaxy does not like unofficial mods and patches (like Grayface's) and tries to put things back the way it had them. Though perhaps there is an option to restrain it.