Changes I use in my game. There're mods like this out there, but they cover only some of the pieces modified here, so why not share it with the community?

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Ancient Nord Set now provides the protection of Steel.

Falmer Armor Set changed to 28/13/13/11 (main piece/gloves/gauntlets/helmet) from 31/12/12/10, in order to differentiate it from the new Ancient Nord values.

Wolf Armor now provided same protection as Dwarwen, and has the appropriate price.

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Imperial Heavy Set main piece and shield how provide Banded Iron protection. Still weak (since you can get in from the very beginning), but now it's not strictly the worst heavy set in the game.

Imperial Light main piece is now 24 (from 23).

Imperial Studded and Stormcloak Cuirass main pieces are now 26 (from 23, equivalent to leather main piece).

Unused in vanilla, but used in some mods, Stormcloak sleeved cuirass is now 27.

Stormcloak Fur Boots are now 6 (from 5), since they look re-inforced.

Stormcloak Officer Set is now equivalent in protection to Gilded Elven Armor (with the helmet providing 1 protection point more, since bear heads are cool).

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Penitus Oculatus Set is now equivalent in protection and weight to Scaled Armor.

General Tullius' cuirass is now 35 (from 31).

Ulfric's outfit now provides protection of 32 for main piece and 10 for boots and bracers. Saratje's Ulfric Clothes for Females mod integrated.

Roggi's Ancestral Shield, the only favor item that can be still in action after retreival (since Roggi is a potential follower), now has Banded Iron Shield graphics, is Light Armor (to correspond to poor Roggi's class), has the weight of 5 and provides protection of 22 (slightly more then Elven shields).