I'm afraid you have most of this totally wrong. My tests indicate no difference between mobs in the body parts they hit. It's true that some armour parts are hit more often than others, but it does not differ by mob, it's always the same frequency. It is not true that you pay for all the protection the armour offers. Armour only decays depending on the damage it absorbs. However there is a minimum decay which is based on the overall stats of the armour, so if you are very over-protected then this can be problematic. Jimmy B has a great thread on PCF about how armour really works: How Armor Works
I just use the Armor that looks the coolest. If the creature is dumb enough to attack me then I shoot it until a) the creature dies and tells me it was broke or b) the creature kills me, in which case I tp back in revenge and continue option b until I achieve option a with Extreme Prejudice.
Yes thank you for your update. It seems I do not know what I was talking about with my OP. Here is a quote from your link. I am out of date and do not even understand how to hunt anylonger . Its ok ill just have to learn again. Thanks again. Ill put a warning on my OP. Your link on how it works seems to be from a old and experienced player. Whom I must respect and study a bit more.
Well you didn't have it all wrong. I think your overall main point was that over-protection is bad, which is true :)